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As anger grows, a corruption case in Ukraine causes a standoff in the parliament
On Tuesday, one of Ukraine's major opposition parties physically prevented lawmakers from voting in parliament to dismiss two Ministers due to a corruption probe. They demanded the removal of the whole cabinet. The standoff in parliament is the latest manifestation since Ukraine's largest wartime corruption scandal broke out last week. Ukraine's anticorruption bureau has revealed that it is investigating a $100-million pay-to play scheme at the state-run nuclear power company run by the Energy Ministry. Five suspects were detained, and two remain at large. One of the former business associates of President Volodymyr Zelenskiy fled the country in the last week. The parliament was to vote Tuesday on the dismissal Svitlana Svitnchuk, Energy Minister and her predecessor German Galushchenko who is now minister of Justice. All the allegations are causing fury as WAR's fourth winter approaches The vote did not take place because the European Solidarity Party, the main opposition party, blocked the access to the podium. Members of parliament held cardboard signs with slogans like "What is darkness' price?" The session was halted by Ruslan Stefanchuk, the Speaker. A member of the opposition said that a new vote was likely to be held on Wednesday. Both cabinet members deny wrongdoing. Hrynchuk offered to resign, and Galushchenko was suspended pending the results of the investigation. Zelenskiy is in favor of removing them both. The European Solidarity party, led by the ex-president Petro Petroshenko, said that it would try to remove the entire cabinet. This measure has now little support in Parliament. Members of Zelenskiy’s Servant of the People accused the opposition of grandstanding, and of preventing the parliament from taking any action. "While some thieves hide and run, other populist politicians put on a display," said Danylo Hentmantsev a Servant of People senior lawmaker. As the fourth winter of war nears, the allegations made by the National Anti-corruption Bureau of Ukraine have caused widespread anger. Most Ukrainians are living with daily power outages caused by Russian bombardment of their grid. Timur Mindich is the co-owner, along with Zelenskiy, of the TV studio in which he began his career, as a star of a sitcom, before becoming president of Ukraine in 2019. Zelenskiy imposed financial sanctions against Mindich, and the studio stated that Mindich no longer plays a decision-making role. Ukraine is being pressed by the international community to address its corruption issues, even though it has been a problem for decades. This pressure comes as Ukraine seeks to become a member of the European Union. Zelenskiy attempted to curtail some of the powers of NABU, an anti-corruption organization earlier this year. However, he backed down following a backlash from the public as well as European allies. He claimed that his changes would make government more efficient. He denied accusations that he tried to shield his associates from investigation. (Reporting and additional reporting by Anastasiia malenko and Yuliii Dysa.)
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Focus on wildfire prevention at COP30 amid record destruction
Wildfires caused the largest tropical forest losses in 2024 Global warming is expected to worsen destruction Communities put in the center of fire prevention at COP30 By Andre Cabette Fabio The government agencies responsible for the environment and forests in Ecuador, Peru Ghana and Kenya, along with more than 30 environmental and indigenous groups from around the world, signed an agreement that will secure $100 million by 2030. The pledge will initially focus on the Amazon Basin - the largest tropical forest in the world, which is located mostly in Brazil. Fires are raging in forests that were not likely to catch fire in the past. According to data from more than 20 years released by the environmental NGO World Resources Institute in June, last year was one of the hottest on record. Wildfires also caused unprecedented losses in tropical forests. Emanuel Lins is a government advisor from the Biodiversity division of the Brazilian Ministry of Foreign Affairs. He spoke at COP30. He said, "Fire does not respect borders and we need to work together". According to Lins, more than 60 nations also signed an independent call to action, proposed by Brazil, to include more Indigenous knowledge in efforts to prevent and manage wildfires. Lins stated that this was the first time that wildfires were tackled at a scale of such magnitude. INDIGENOUS KNOWLEDGE According to the Wildfire Action Accelerator, "fire has become a key feature of the global crisis," and requires more attention on prevention rather than emergency response. According to a report by the United Nations Environmental Programme, wildfires will increase by 14% globally by 2030 and by 30% by 2050. Wildfires have been more intense in wealthy countries such as the United States, Canada, and Greece in the last year. According to WRI, Brazil is responsible for 42% (6.7 million hectares) of the forest loss record in 2024. Lins says that communities can prevent wildfires by creating firebreaks, and burning dead vegetation before the dry season. The pledge calls on countries with large tropical forests to recognize traditional fire knowledge of forest and Indigenous groups by 2030, placing local communities in the forefront of wildfire prevention. Selvyn Pérez, Maya leader and President of the Guatemalan Community Forestry Association, said: "Our peoples know how to use fire. We know where and when to use it. In a press release, he stated that "this pledge finally acknowledges that Indigenous Fire Knowledge is not a remnant of the past but a key for the future resilience of the planet." Indigenous and local communities in Brazil are crucial to Brazil's new law on fire management, passed last year. They make up around half of the over 4,000 firefighters that were hired this year for federal natural areas. Indigenous groups in Brazil use drones to collect data and perform early interventions as part of their efforts to prevent wildfires. Indigenous groups also demanded more funding at COP30 to better respond wildfires. Tabea Coronado is a Peruvian indigenous leader and the national secretary of the Interethnic Association for the Development of the Peruvian Forest. She said, "We need direct access to funding so that we can act faster, without having reports sent to authorities and waiting for their response." Researchers have found that wildfires are becoming more destructive and releasing carbon, reducing the forest's ability to act as a carbon sink. This is crucial for halting global warming. Ane Alencar is a senior researcher at Brazil's IPAM Amazonia (Amazon Environmental Research Institute), which signed the pledge to combat wildfires. She added that it is possible to control the fires, since they are usually started by humans, such as small and large farmers who burn pastures or clear forest in order to remove unwanted vegetation. She said that preventing people from setting fires could protect forests, even in hotter climates.
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Brazil's slow shuffle climate negotiations at COP30 turns into a sprint
Brazil hopes to reach an early agreement at the COP30 Climate Summit on some of its most controversial issues after revealing a bold strategy of negotiation that kept delegates working until the wee hours of Tuesday morning. The two-week Belem summit, which took place in the Amazonian city, brought governments from around the world together to reinforce the U.N. framework for global action that aims to stop rising temperatures and deal with their damage. Brazil, the host nation, wants to reach a deal in two phases: one on Wednesday that includes items that were too difficult a week earlier to include on a formal agenda and another on Friday which resolves any outstanding issues. It was not clear at the beginning of COP30 whether a final deal would be reached by the end of summit. "I find it a bold move. "It could work but it's a risk, because why would the parties move when they know that there is still time?" said one European negotiator. GUTERRES RETURNS FOR MEETING LULA U.N. Sec-Gen. Antonio Guterres will meet Brazilian president Luiz Inacio Lula Da Silva on Wednesday. Lula stated that the purpose of the meeting is to "increase climate governance and multilateralism." Some of the most difficult topics are determining how rich countries can provide financial assistance to poorer nations to help them switch to clean energy and what needs to be done to close a gap between emissions reductions promised and those required to stop temperature increases. Brazil and other nations want a roadmap that will help implement the agreement made at COP28 2023, which calls for the phase-out of fossil fuels. Andre Correa do Lago, the Brazilian COP30 President, said on Monday that he was supported by attendees in his efforts to achieve a quick conclusion. The talks ran late into the night and are scheduled to continue on Tuesday. DIFFERENCES REMAINS UNBRIDGED Two negotiators, as well as two observers who were allowed to attend the discussions, each described a wide range of differences that still needed to be resolved. The provision of finance has long been a source of tension between developed nations and the most vulnerable countries. Many of these countries are struggling to balance their public finances with competing priorities, including security. The COP30 Presidency published a draft document that captured some of these differences. It presented a range of options on how to finalize the wording of the key issues. This gave little indication of where a deal would end up. One observer said that the delegates struggled to reach agreements. They said that they had grouped all the hot topics in one place, and when a discussion started to gain momentum, someone would bring up another topic. Reporting by Lisandra Parguassu and Sudarshan Varadhan; Writing by William James, Editing by Katy Daigle and Aidan Lewis
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Exxon to shut down Scottish chemicals plant by 2026 amid uncertainty
Exxon Mobil announced Tuesday that it will close its Fife Ethylene Plant (FEP) located in Scotland by February 2026. The company said the plant is no longer viable due to high supply costs, weak markets and the UK's economic and policy climate. The European Union's fourth largest exporting sector, after machinery, automobiles and pharmaceuticals has been under pressure due to soaring energy prices following Russia's invasion in Ukraine, and an aging infrastructure. This has led them to become more dependent on imports for key feedstocks like ethylene and propylene. Exxon has said that it has assessed different options for continuing production and tested the markets for a possible buyer for the ethylene facility located near the town Cowdenbeath, in Fife. The U.S. Oil Major said that "FEP was a cornerstone in chemical production in Britain for over 40 years. Its closure reflects the challenges in operating in an environment where policies are accelerating the departure of vital industries and domestic manufacturing and the high-valued jobs they provide." Financial Times reported this development first earlier that day. The report said that the company will lay off 200 employees as a result. Closures and conversions of oil refining assets are being undertaken by companies in Europe due to a decline in refining capacities. Michael Shanks, the Energy Minister, had stated in July that Britain's Lindsey refinery insolvent would close after it failed to attract buyers. (Reporting and editing by Shilpa Majumdar in Bengaluru)
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Russell: China increased its crude stockpiles in October, as oil prices declined.
In October, China's crude oil storage volumes likely increased as robust imports from China and domestic production outweighed an increase of refinery processing. According to calculations based upon official data, China's crude oil surplus was 690,000 barrels a day (bpd), up from 570,000 bpd a month earlier. China's rate of adding crude oil inventories to its reserves is seen as an important factor for the demand for crude oil in the world’s largest importer. It also adds uncertainty to price forecasts. According to the National Bureau of Statistics, data released on November 14, China's refineries produced 14.94 million barrels per day in October. This is an increase of 6.4% over the same period last year. However, this is down from the previous two-year peak of 15.26 millions bpd achieved in September. In October, crude imports totaled 11.39 million barrels per day (bpd) while domestic production stood at 4.24 million. This gives a total of 15.63 millions bpd available for refiners. After subtracting the refinery processing, there are 690 000 bpd of crude oil that can be added to strategic or commercial storage. China does not reveal the volume of crude oil flowing in or out of strategic and commercial stocks, but it can be estimated by subtracting the amount processed from total crude produced domestically and imported. Not all the excess crude is likely to have gone into storage. Some of it was processed in plants that are not included in the official data. Even if you allow for these gaps, however, it's clear that China imported crude oil at a much higher rate from March to July than was necessary to meet its domestic fuel needs. The surplus crude for the first 10 month of the year is about 900,000. This is because the combined imports and domestic production are 15.65 millions bpd. Refinery processing was 14.75 million. The surplus was built up from March, after refiners drew on their inventories for the first time in January and Feburary when they processed crude at a rate that exceeded available crude by approximately 30,000 bpd. It was the first since September 2023 when the throughput of crude oil from domestic production and imports exceeded the amount imported. Price Impact The decline in inventories for 2025 was accompanied by rising oil prices. Brent futures, the benchmark contract, reached their highest level so far this season of $82.63 per barrel on 15 January after steadily increasing from a price of around $70 at the beginning of December. Since then, crude oil prices have been trending lower with some spikes due to geopolitical tensions like the conflict between Israel and Iran that occurred in June. Brent crude oil ended Monday at $64.20 per barrel, the midpoint of a range of $60-$70 that has been in place since the beginning of August. China's refiners, as well as the authorities in Beijing, don't discuss their strategies publicly, but it is clear that they import more crude oil when they consider prices reasonable and reduce them when prices are too high. In September, the excess crude fell to 570,000 bpd from 1.10 million in August. Brent crude reached a six-month-high of $81.40 per barrel on June 23, when the Israel-Iran war was raging. China's refiners are now buying more crude oil as prices have fallen since June. China's storage flows are a floor and a ceiling for crude oil prices, which means that China is likely to absorb any global surplus as OPEC+ increases output targets. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Gold falls to a one-week low after traders reduce US rate cuts bets
The price of gold fell to its lowest level in over a week Tuesday, as faded bets that the Federal Reserve would cut interest rates next month weakened demand before delayed U.S. Economic Data releases this week. As of 1213 GMT spot gold was down 0.1% to $4,039.71 an ounce, after reaching its lowest level since November 10, earlier in the session. U.S. Gold Futures for December Delivery fell by 0.9% to $4.039 an ounce. Market participants are pricing in interest rate reductions for the United States following more hawkish remarks from Fed officials, said UBS analyst Giovanni Staunovo. Gold prices are expected to drop soon as the Fed is still cutting rates multiple times in the next quarters and central banks continue to diversify into gold. The CME FedWatch tool revealed that the markets have reduced their bets on a rate reduction next month from 67% to just under 46%. Last week's end of the longest U.S. shutdown resulted in a stoppage of official economic data. This left policymakers and traders blind before next month’s Fed policy meeting. The traders had hoped that the return of official data could make the case for an interest rate cut in December, but their hopes have faded since more Fed officials signaled caution last week. Fed Vice Chairman Philip Jefferson said that on Monday, the central bank must "proceed gradually" with further rate reductions. Gold that does not yield tends to perform well when interest rates are low and in times of economic uncertainty. Investors will look for additional clues in the release of minutes on Wednesday from the Fed's most recent meeting, and the September non-farm payrolls that are due Thursday. "We continue to see a long-term positive fundamental backdrop for the gold market." "The U.S. economic climate continues to cool. U.S. rates will fall, and the U.S. currency should weaken in response," said Julius Baer's Carsten Menke. Palladium rose 0.7%, to $1,402.73, while platinum edged up marginally at $1,534.30. (Reporting and editing by Alexander Smith, Emelia Matarise and Jan Harvey; reporting by Noel John from Bengaluru)
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African Rainbow Minerals is considering a Papua New Guinea Copper Venture with Newmont Corp
African Rainbow Minerals is evaluating a significant copper venture in Papua New Guinea, in partnership with U.S. mine giant Newmont Corporation. Chairman Patrice Mtsepe announced this on Tuesday. Motsepe told Bloomberg that he was currently examining a massive investment in Papua New Guinea. "We have a partnership with Newmont which could require up to four or five billions of dollars in investment down the road." Motsepe stated that his company has a strong financial position to undertake such a large project. He said the company had 13 billion rand in cash ($756.2m) plus 7 billion rand of facilities. He said that a large portion of the money would be spent in Australia and Papua New Guinea which are primarily regions rich in copper. Shareholders should expect that company to consider these areas. Motsepe stated that the Papua New Guinea Investment is viewed by him as a long term strategy in line with global trends of decarbonisation and increasing demand for essential minerals. The chairman said that ARM would continue to invest in South Africa in gold, platinum metals, manganese, iron ore, and iron, as well as a stake in copper in Canada.
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Eight people arrested in connection with possible plot against Brussels prosecutor
The Belgian State Prosecutor's Department announced on Tuesday that eight people in the drug-trafficking underworld had been arrested for a possible assassination plot against the Brussels Chief prosecutor. The arrests took place on Tuesday, following searches at 18 locations in Brussels. The Brussels police informed the Belgian state prosecutor in July 2025 of a plot to assassinate the Brussels chief prosecutor. The Belgian prosecutor said that the main suspects had a criminal history linked to organised drug trafficking and could be involved in the Albanian criminal mafia. In recent years, Brussels has seen a rise in violence associated with drug gangs. Officials have stated that more than 100 of Europe’s most dangerous criminal organizations operate in Belgium. The authorities in Brussels had to close several metro stations during the month of February as they searched for two suspects after a shooting that was linked to drug dealers. (Reporting and editing by Benoit van Overstraeten; Sudip Kar Gupta)
Exxon to shut down Scottish chemicals plant by 2026 amid uncertainty
Exxon Mobil announced Tuesday that it will close its Fife Ethylene Plant (FEP) located in Scotland by February 2026. The company said the plant is no longer viable due to high supply costs, weak markets and the UK’s economic and political environment.
The European Union's fourth largest exporting sector, after machinery, automobiles and pharmaceuticals has been under pressure due to soaring energy prices following Russia's invasion in Ukraine, and an aging infrastructure. This has led them to become more dependent on imports for key feedstocks like ethylene and propylene.
Exxon said that the closure would affect 179 employees and 250 contractors. However, 50 employees could be transferred to the Fawley Petrochemical Complex.
Exxon said it had evaluated various options for continuing production and tested the markets for a possible buyer for the ethylene facility located near the town Cowdenbeath, in Fife.
The company stated that "FEP was a cornerstone in chemical production in Britain for over 40 years. Its closure reflects the challenges in operating in an environment where policies are accelerating the departure of vital industries and domestic manufacturing and the high-valued jobs they provide."
The shutdown comes as a result of the falling capacity for oil refining in Europe, where companies are looking to convert or close assets.
Michael Shanks, the Energy Minister, said that Britain's Lindsey refinery was insolvent and would close down after it failed to find buyers. (Reporting and editing by Shilpa Majumdar in Bengaluru. Pooja Menon is based in Bengaluru.
(source: Reuters)