Latest News
-
Petrobras CEO: Weighing options for Polo Bahia offshore fields, including selling, is one of the options being considered by Petrobras.
Petrobras, Brazil's state oil company, is considering all options, including the sale of its Polo Bahia oil fields. Chief Executive Magda Chambriard announced this on Saturday. She added that any decision would be based on shareholder and return interests. Former President Jair Bolsonaro had listed the Polo Bahia Hub, which consisted of 28 onshore oil fields, for sale as part of his divestment plan. Luiz inacio Lula da So Lula took it off the market when he became president in 2023, ending Bolsonaro’s divestment plan. Chambriard stated that the current operation in Polo Bahia is producing very little oil, but it requires a lot of effort. She added that extracting oil from these onshore fields would be more feasible if oil prices were higher than the current $65 per barrel, when they were $90-$100. We have this on the table, but we are not yet sure what we will do. We may decide to outsource, or sell the asset. We're studying the situation and will do what is best for us and for our shareholders. Chambriard refused to comment on possible divestment plans and stated that Urucu produced "the best oil at the highest value." On Saturday, Brazilian shipyards and Chinese shipyards also signed memoranda of understanding in order to promote technological and commercial cooperations and align with the increased demand for Petrobras ships. (Reporting and writing by Rodrigo Viga Gaier, Editing by David Gregorio).
-
Former Olympic champion Chopra wins Gold at His Eponymous Event
Neeraj, the former Olympic javelin champion, won gold on Saturday in Bengaluru at Kanteerava Stadium. He registered a dominant win with a throw measuring 86.18 meters in the first round. Chopra, Germany's Thomas Rohler, and Kenya's Julius Yego were among the elite athletes who competed in India's Neeraj Chopra Classic. Chopra, the winner of the Tokyo Olympics 2021 and the Paris Games 2024, was dominant throughout. He followed his winning throw with throws 84.07m, and 82.22m, in subsequent rounds, as over 14,500 spectators cheered on their favourite. "I did not expect such a large crowd and support during the first season." Chopra thanked AFI (Athletics Federation of India), and World Athletics, for providing a world-class competition. This is a huge thing for our nation. "We were able do well and I hope we can continue adding more events to competition." Yego, the former world champion who won silver in Rio 2016, has now claimed silver at 84.51m. This is a promising performance ahead of the World Athletics Championships scheduled for September in Tokyo. Rumesh Patirage of Sri Lanka won bronze with a toss of 84.34m. He continues his upward trajectory, after joining the 85m club in 2024 at the Asian Throwing Championships held in Korea. Chopra made a dramatic recovery after fouling in the first throw. He recovered to post a winning 86.18m attempt that proved unbeatable during the competition. After three attempts, only eight of the 12 athletes made it to the second round. Former Olympic champion Rohler was shocked to find himself unable to advance after only one valid attempt during the first round. Chopra expressed his hope to host the event next year with more athletes, both domestic and international. (Reporting and editing by Clare Fallon in Bengaluru, with Suramya kaushik from Bengaluru)
-
As floodwaters recede in Central Texas, 27 people have been confirmed dead
Authorities confirmed that 27 people including nine children were dead following flash floods across central Texas. Rescuers are still searching for survivors, including the dozens of girls who remain missing from their summer camp. As floodwaters receded around the Guadalupe River in Kerr County in Texas, approximately 85 miles (137 kilometers) northwest of San Antonio, 800 people were evacuated. The majority of the missing people are young girls. Near the camp, river levels rose rapidly by 29 feet. After thunderstorms dumped up to a foot of rainfall early Friday, the U.S. National Weather Service announced that the flash flooding emergency had largely been lifted for Kerr County. This was the epicenter of this flooding. The NWS Weather Prediction Center, College Park, Maryland, has issued a flood watch for the San Antonio and Austin, Texas region until 7 pm on Saturday. Donald Trump, the U.S. president, said that the federal government was working with local and state officials to combat the floods. Melania and I pray for the families affected by this terrible tragedy. "Our Brave First Responders have been on the scene doing what they do best," said he on social media. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding occurred before dawn, with little or no notice, preventing authorities from issuing evacuation orders in advance as the Guadalupe River quickly rose above major flood level. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." Early Thursday, state emergency management officials warned that heavy rains in west and central Texas and flash flooding were possible "in the next few days" citing National Weather Service predictions ahead of the holiday. W. Nim Kidd of the Texas Division of Emergency Management said at a Friday night news conference that the weather forecasts "didn't predict the amount of rainfall we saw". According to the National Weather Service summary of the storm in 1987, the weekend disaster is reminiscent of a devastating flood that occurred along the Guadalupe River almost 40 years earlier. A bus and van trying to leave a church camp were flooded and ten teenagers drowned while trying to get out. It said that hundreds of people had been evacuated.
-
Sky News reports that UK's Octopus energy weighs $14 billion in demerger of Kraken's tech arm.
Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter. The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation. According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year. The report cited a source to say that a valuation of 10 billion pounds for Kraken implied the entire group, including the retail supply business is worth 15 billion pounds and more. Octopus Energy refused to comment on the article, while Kraken Technologies was not able to be contacted immediately. Sky News reported that investment banks were invited to bid for the demerger contract in recent weeks.
-
Sources say OPEC+ will continue to increase output.
OPEC+ is likely to agree on further accelerating oil production increases at its first Saturday meeting since oil prices jumped and then retreated following Israeli and U.S. attack on Iran. Since 2022, the group that pumps half the oil in the world has curtailed production to help support the market. It reversed its course in order to gain market share this year and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. Two sources familiar with the talks said that two groups may agree to increase output by up to 550,000 barrels a day in August. This is an increase from the monthly increases of 411,000 barrels a day (bpd) they approved in May, June, and July and 138,000 in April. The eight members of the group, Saudi Arabia, Russia and the UAE, Kuwait Oman, Iraq Kazakhstan and Algeria, will meet online at 9am GMT on Saturday to decide the policy for August. In April, the eight countries began to unwind their latest output cut of 2,2 million bpd. Then, in May, they increased the increases again, despite crude prices being impacted by the additional supply. The increase in production came after certain OPEC+ countries, like Kazakhstan and Iraq, exceeded their production targets, which angered other members who were still sticking to the cuts. Kazakh production returned to growth in the last month, and reached a new high. Sources have stated that OPEC+ - which is the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia - wants to increase its market share in the face of increasing supplies from other producers, such as the United States. OPEC+ announced a production increase of 1,37 million bpd from April to July. This represents 62% of the 2.2 million bpd production cut that is being unwinded. There are still other layers of reductions that total 3.66 million bpd. Reporting by OPEC Newsroom. Dmitry Zhdannikov wrote the article. Mark Potter (Editing)
-
FT reports that the EU is stockpiling critical minerals in response to geopolitical threats.
Financial Times, citing an EU draft document, reported that the European Union intends to stockpile essential minerals to protect against possible supply disruptions caused by geopolitical tension. The draft said that "the EU faces a complex and deteriorating landscape of risk marked by increasing geopolitical tensions including conflict, the mounting impact of climate change, environment degradation, hybrid and cyber threats." The FT reported that the document warned of a higher-risk environment driven by "increased activities from hacktivists and cybercriminals", as well as state-sponsored groups. The European Commission didn't immediately respond to an inquiry for comment. According to the newspaper, the draft document is still subject to changes and will be published next Monday. It states that there are "limited understandings of the essential items needed to prepare for a crisis in the context of a rapidly changing risk landscape". The European Commission released its EU Preparedness Union Strategy in March. It urged member states to increase their stockpiles and encouraged citizens to have 72 hours worth of essential supplies on hand for emergencies. The strategy aimed to prepare the EU for possible risks, such as cyberattacks, geopolitical crises and natural disasters. It also included the possibility of an armed attack against EU member states. (Reporting and editing by Tom Hogue, William Mallard, and Surbhi Misra from Bengaluru)
-
There are at least 13 deaths in Texas flash floods; more than 20 young campers have gone missing
Authorities in Texas said that torrential rains caused deadly flash floods on the Guadalupe River, south-central Texas, Friday. At least 13 people were killed and nearly two dozen girls are reported missing after a riverside summer camp. After thunderstorms with heavy rains, the U.S. National Weather Service declared an emergency flash flood warning for certain areas of Kerr County in Texas Hill Country. This is located about 65 miles (105 kilometers) northwest of San Antonio. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding hit before dawn without much or any warning. This prevented authorities from issuing evacuation orders in advance as the Guadalupe quickly rose above the major flood stage. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." State emergency management officials warned on Thursday, citing National Weather Service predictions ahead of the holiday weekends, that heavy rains would be expected in the west and central Texas "in the next few days" and could cause flash flooding. In flood-affected communities, the Fourth of July fireworks displays were canceled, including in Kerrville where the planned U.S. celebration on Friday night was to be held at the waterfront. The river was flooded by rain, and the Independence Day celebrations were submerged. Kerr County Sheriff Larry Leitha said that 13 people had been found dead in the area due to flooding. He added, "I believe there will be many more after this thing is done." At an earlier press briefing, Texas Lieutenant Governor Dan Patrick stated that six to ten bodies of adults and kids had been discovered. Some were found in cars that had washed downriver. Pray for the Missing The authorities are also searching for 23 girls who were listed as missing among over 700 children in several summer camps near the Guadalupe River. This was when floodwaters inundated the area at 4 am local time. Patrick said, "We pray that all missing people are found alive." The sheriff did not reveal whether any unaccounted-for girls at Camp Mystic – a Christian private summer camp for young women – were included in the county-wide total of deceased victims. Authorities said that all campers were otherwise safe. However, they could not evacuate the campers immediately because of high water levels. In a message to reporters, Camp Mystic’s director stated that power, water, and internet services had also been shut off. At a press conference on the disaster, Kerr County Judge Rob Kelly said that everyone was doing their best to rescue the children. Kelly stated that a number residential subdivisions as well as RV parks and campgrounds had been severely affected. Kelly, when asked by reporters to explain why more precautions weren't taken due to the stormy weather forecast, said that a disaster this magnitude was unforeseeable. "We get floods every day." He said that this is the most dangerous valley of the river in the United States, and added, "We didn't have any reason to think it would be as bad as what happened here." "None at all." The Texas Division of Emergency Management issued an alert on Thursday stating that it has increased the readiness of its operations centre and "activated more state emergency response resources", as west and central Texas prepare for "continued heavy rainfall and flash flood threats heading into holiday weekend". Patrick reported that the Guadalupe River rose 26 feet (8 meters) in just 45 minutes, amid the heavy rains soaking up the area. Search teams flew 14 helicopters, a dozen drones, and hundreds of emergency personnel to the area. They were also conducting rescues on the ground from trees and fast-moving water. The Llano River, which flows through Mason County adjacently, was also reported to be at flood stage. This posed "a life-threatening scenario," according to the weather service. Patrick warned of a continuing threat of flash flooding from San Antonio to Waco in the next 48 to 72 hours. Officials said that the U.S. Coast Guard, the Federal Emergency Management Agency and other personnel were mobilized to help local authorities deal with the crisis. Steve Gorman, Los Angeles (Writing and reporting; additional reporting by Ismail Shakil and Jasper Ward; Acharya Bhargav and Toronto; editing by Matthew Lewis).
-
Unspecified number of deaths and missing in Texas flash flood
Local authorities report that flash floods caused by torrential rainfall and thunderstorms along the Guadalupe River, in south-central Texas on Friday killed an unknown number of people, and left many others missing. Unknown numbers of children were caught in floodwaters which swept across campgrounds. At a press conference on the disaster, Kerr County Judge Rob Kelly stated that "everyone is doing their best to get these children out." Kelly stated that authorities have preliminary figures on fatalities but refused to release specific numbers until they know more about the extent of the casualties. Local media reported at least six deaths. After heavy rains of up to one foot, the U.S. National Weather Service has declared a flash flooding emergency in parts of Kerr County located in south-central Texas Hill Country about 65 miles north of San Antonio. Kerr County Sheriff's Office has reported "catastrophic floods" in the area. This resulted in "confirmed deaths and missing persons." Dalton Rice, Kerville's city manager, told reporters that the extreme flooding occurred without much or any advance warning. This prevented authorities from issuing evacuation orders. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." He said that scattered residential subdivisions and recreational vehicle parks, as well as campgrounds, were the hardest hit. Texas Lieutenant Governor Dan Patrick stated that he is working with the emergency response team of the state to coordinate the floods. "Another rainy day is predicted in these areas." Even if it is a light rain, flooding may occur. "There is a continuing threat of possible flash floods from San Antonio to Waco in the next 24-48 hours, in addition to continued risks in West and Central Texas," Patrick wrote in a social media post. Officials said that the U.S. Coast Guard, the Federal Emergency Management Agency and local authorities were all mobilized to help the local authorities deal with the crisis. Steve Gorman, Los Angeles (Writing and Reporting); Additional reporting by Ismail Shakil, Ottawa; Editing done by Matthew Lewis).
As United States hikes China tariffs, imports skyrocket from China-reliant Vietnam
As the United States magnifies efforts to reduce trade with China by treking tariffs, it has actually significantly enhanced imports from Vietnam, which depends on Chinese input for much of its exports, data show.
The rise in the China-Vietnam-U.S. trade has greatly widened trade imbalances, with the Southeast Asian nation in 2015 publishing a surplus with Washington close to $105 billion - 2.5 times bigger than in 2018 when the Trump administration first put heavy tariffs on Chinese products.
Vietnam now has the fourth-highest trade surplus with the United States, lower just than China, Mexico and the European Union.
The significantly cooperative relationship emerges from trade, customs and financial investment information reviewed from the United Countries, the U.S., Vietnam and China, and is verified by initial price quotes from the World Bank and half a dozen economic experts and supply chains experts.
It reveals that Vietnam's export boom has been fuelled by imports from neighbouring China, with inflows from China nearly exactly matching the worth and swings of exports to the United States in recent years.
In preliminary quotes shown , the World Bank reckons a 96% connection in between the two flows, up from 84%. before Donald Trump's presidency.
The rise in Chinese imports in Vietnam accompanying the. boost in Vietnamese exports to the U.S. might be seen by the. U.S. as Chinese firms using Vietnam to skirt the additional. tariffs imposed on their products, said Darren Tay, lead economic expert. at research firm BMI, noting that could lead to tariffs against. Vietnam after U.S. elections.
The growing trade imbalance comes as Vietnam looks for to obtain. market economy status in Washington after President Joe Biden. pushed to raise diplomatic ties with its former enemy.
At over $114 billion last year, U.S. imports of items from. Vietnam were more than twice as big as in 2018 when the. Sino-American trade war started, which enhanced the Southeast Asian. nation's appeal amongst manufacturers and traders who looked for to. reduce risks connected to China-U.S. stress.
That surge represented majority the $110-billion. drop because 2018 in imports from Beijing, U.S. trade information reveal.
In essential industries such as textiles and electrical equipment,. Vietnam captured more than 60% of China's loss, said Nguyen. Hung, a professional in supply chains at RMIT University Vietnam.
However Chinese input remains important, as much of what Vietnam. exports to Washington is made from parts and parts produced. in China, data reveal.
Imported elements accounted in 2022 for about 80% of the. worth of Vietnam's export of electronics - the U.S.'s main. import from Hanoi - according to data from the Asian Development. Bank.
One-third of Vietnam's imports originate from China, mostly. electronic devices and components, according to Vietnam information which did. not offer further information.
Around 90% of intermediate goods imported by Vietnam's. electronics and fabric markets in 2020 were subsequently. embodied in exports, the Organisation for Economic. Co-operation and Advancement said in a report, noting that was. higher than a decade previously and far above the average in. industrialised countries.
The cooperative relationship is shown in newest data: In. the very first quarter of this year, U.S. imports from Vietnam. totaled up to $29 billion, while Vietnam's imports from China. amounted to $30.5 billion, matching likewise matching flows. in previous quarters and years.
As inflation remains high, the White Home has actually remained. quiet on Vietnam's big trade surplus, but that might change. after the November vote, experts say.
A possible circumstance is that after elections, whoever wins. may alter the policy towards Vietnam, stated Nguyen Ba Hung,. principal financial expert at ADB's Vietnam objective, keeping in mind that would. nevertheless raise U.S. import expenses.
The U.S. Embassy in Hanoi decreased to talk about trade. imbalances.
Vietnam's foreign and trade ministries did not reply to. requests for comment.
China's commerce ministry did not instantly react to a. request for comment.
COTTON AND PANELS
The surge in the China-Vietnam-U.S. trade shows the increase. in financial investments in the Southeast Asian manufacturing center, as. companies move some activities from China.
A number of those producers are Chinese firms that include worth. in their brand-new factories in Northern Vietnam but still rely. heavily on supply chains from their homeland.
But in many cases the trade involves ended up products. labelled as Made in Vietnam despite no worth being added in. the country, as the U.S. Department of Commerce concluded in an. investigation over solar panels last year. A separate probe on. aluminium cables and 2nd on presumably unfairly subsidised. solar panels are underway.
Another reason Vietnam is drawing U.S. examination is its. direct exposure to Xinjiang, the Chinese region from where the U.S. prohibits imports over allegations of human rights infractions against. minority Uyghurs.
Xinjiang is China's primary source of cotton and polysilicon. utilized in solar panels. Both are crucial for Vietnam's market, whose. exports of cotton clothing and photovoltaic panels accounted for about. 9% of exports to the U.S. last year.
Vietnam is the country with the greatest volume of shipments. by value rejected entry into the U.S. over Uyghur forced labour. risks, according to U.S. customizeds information.
Vietnam's import of raw cotton from China fell by 11% last. year to 214,000 lots, but it was approximately two times as big as in. 2018.
China likewise exported to Vietnam at least $1.5 billion-worth. of cotton clothing, up from nearly $1.3 billion in 2022. Meanwhile, U.S. imports of cotton clothing from Vietnam fell by. 25% to $5.3 billion last year, according to the information, which may. not consist of all cotton products.
The fall in U.S. imports came as Vietnam last year went beyond. China as the main exporter of items covered by the Xinjiang. restriction, said Hung Nguyen of RMIT.
(source: Reuters)