Latest News
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Motor racing: Six injured and one dead in Nuerburgring race crash, officials
Organisers said that racing driver Juha Miettinen was killed and six drivers were injured in an accident at the 'ADAC 24h Nuerburgring qualifiers on Saturday. The race officials confirmed that Miettinen died following the early-race crash. All the other drivers who were injured were treated in hospital for injuries that were not serious. In the early stages of the first race of the ADAC 24-hour Nurburgring Qualifier, seven drivers were involved in a serious accident. The emergency medics, despite the arrival of the emergency services, were unable to save Juha Miettinen, after he was removed from the vehicle. The driver died in the Medical Centre, after all attempts at resuscitation failed. The race will not be resumed on Saturday evening and there will be a minute's silence during Sunday's grid formation. (Reporting and editing by Clare Fallon; Karolos Grohmann)
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Police in Kyiv kill a shooter who opened up fire
Ihor Klymenko, the Ukrainian Interior Minister, said that police killed a man on Saturday who had opened fire in a city district and barricaded himself inside a supermarket. Klymenko stated that the number of casualties?in this incident in the city’s?Holosiivskyi District was still being clarified. Mayor Vitali Klitschko confirmed that there were also victims inside the store. He had earlier stated the suspect killed two people. Klymenko posted on Telegram, a messaging app? that Klymenko uses to communicate with his friends and family: "The shooter was liquidated when he was arrested." Special forces from the...national police stormed a store where the attacker was. He took people hostage and fired at a policeman while he was being held. Negotiators had tried to reach him before that. Klitschko stated that 10 people were being treated in hospital. Five others were injured. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Ron Popeski)
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South Africa's central bank chief warns that the Middle East conflict clouds prospects for rate cuts
South Africa's Central Bank Governor said that it was difficult to see an easing of interest rates in the near future due to the volatile war in the Middle East, and its impact on the inflation rate. Lesetja Kganyago, the South African Reserve Bank Governor, said that the bank will not update its growth or inflation forecasts in between meetings. Instead it relies on "scenarios," to understand the impact caused by the wildly fluctuating prices of commodities such as fuel and fertilizer. Kganyago, in an interview at the International Monetary Fund's and World Bank Group spring meetings in Washington, said that the conflict would have a negative impact on growth and also increase inflation. In an environment in which you expect inflation to rise, I do not think that anyone can continue to talk about a relaxation in monetary policies in such an environment," he continued. Last month, the bank maintained its policy rate of 6.75% citing the need to be cautious due to the impact that higher energy prices will have on inflation. The bank revised its risk scenarios before the meeting to assess the impact of the Middle East crisis. The negative scenario assumed that oil would average $94 per barrel for the entire year, and that exchange rates would depreciate by 20%. "That was March. He said that we are now in a totally different environment. "We'll do new scenarios in may." The Middle East conflict and its?wild swings of commodity prices have largely halted the push for monetary easing among central banks in emerging markets. He said that South Africa did not face fuel shortages, and it would be a while before its farmers could feel the impact of a fertilizer shortage. Prices have changed in every direction...the only thing we know for sure is that there is uncertainty.
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Jalal Green shoots past Warriors to charge into the playoffs
Jalen's Green 36 points lifted the Phoenix Suns to the playoffs on Friday with a play-in victory of 111-96 over the Golden State Warriors. The Suns have earned the eighth seed in the Western Conference. On Sunday, they will host the top-seeded and defending Oklahoma City Thunder to begin a first round series. Jordan Ott, Phoenix coach, said: "Sometimes it's not the road you think it will be or the most traveled one. Sometimes it's just the road that is least traveled." "We found our path in, now we're on to the next thing." Phoenix scored 30 points on the Warriors' 21 mistakes. The Suns were able to hold on after Phoenix lost a late advantage against the Portland Trail Blazers during the play-in opening. The drama was not over yet. Golden State's Draymond green fouled out just over a minute after the final whistle. Warriors coach Steve Kerr embraced both Draymond Curry and Draymond green during a special moment. The three players were part of four NBA Championship runs. "I'm not sure what's going to occur." I love coaching, but I understand. Kerr's contract expires this summer. There's always a 'run' and, when it ends, there's often a need for fresh blood, new ideas, etc. If that's true, I'll be 'nothing' but grateful to have the opportunity to coach the franchise. Draymond green and Devin Booker, a Suns player, began a heated conversation as the game resumed. The discussion continued for a few moments before both players received a technical foul. Green was ejected. Phoenix opened up a huge lead after the Warriors scored their first two points. They then closed out the quarter with 8 consecutive points for a 33-15 lead. Golden State scored 15 points in the first quarter, their lowest total since March 7, when they scored 14 against the Thunder in the fourth. The Suns struggled in the second quarter after shooting 52.4% during the first. Golden State was within two points of Phoenix after Curry's free-throws, which he made with 19.6 seconds left in the first half. Jalen green elevated to shoot a 3-pointer on the wing as the clock ticked down. It was the Suns first field goal in over five minutes, giving Phoenix a lead of 50-45 at halftime. Brandin Podziemski, a Golden State player who leads the team with 23 points, scored 10 of them in the second. He led the Warriors in?10 rebounds. Jalen's two 3-pointers helped the Suns to gain control of the third quarter with an 11-1 run. Booker had 20 points, 8 assists and 6 rebounds. Jordan Goodwin, a Phoenix player, added 19 points and nine rebounds. Ott stated, "Truly this group has been a?special one all year. It was special again the last three or four days. They overcame the disappointment by?coming out to play that hard and against a team with every solution known." "... "... Curry scored 17 points, but he was only 4 of 16 on the floor. He also made just 3 of 10 3-pointers. De'Anthony Melton, who came off the bench to score 16 points with eight rebounds, also contributed. Field Level Media
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Australia relaxes fuel standards to boost supply
Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol at a Viva Energy oil refinery (VEA.AX), owned by Viva Energy in Victoria, Australia’s second most populous state, remained the same as Friday. He said that the Geelong refinery was still operating at 60% for petrol and 60% for diesel. Anthony Albanese, Australian Prime Minister, said that the fire would not trigger fuel restrictions. Albanese also secured a deal this week with Malaysian energy?firm Petronas for the supply of?excess fuel in?Australia following trips to Singapore, Brunei and other countries aimed at boosting energy supplies. (Reporting from Sam McKeith, Sydney; Editing done by William Mallard).
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World Bank launches new small state strategy to tackle challenges
The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run and grow businesses, and create more jobs. The Bank will focus on areas like health, affordable energy and resilient infrastructure, as well as micro-and small businesses. These are the areas where officials believe there are the best opportunities to boost growth, strengthen businesses and create better jobs. Last year, the World Bank Group approved new commitments and guarantee of $3.3 billion for "small states" who face unique economic challenges, and are disproportionately impacted by shocks as was seen during the Middle East war. In a blog that was released with the new strategy, the bank stated: "For small business, a hurricane, an unexpected?surge? in fuel prices or a decline in tourism could wipe out months of income and investment in just a few days." Banga said that the Bank would take a differentiated strategy to develop regional projects in these countries. Partnerships will be an important component. "This isn't a one size fits all approach." Banga said to the finance officials that small states are diverse and our support would reflect this. "We know that the economics of small states are different," Banga told the finance officials. He said that the cost of working in smaller states can be up to four-times higher than in bigger countries. The Bank therefore planned to streamline its delivery, use more flexible funding and scale solutions in order to maximize each dollar. Several projects have already begun. The bank, in Tonga for instance, will co-finance a urban resilience project with the Asian Development Bank, under a framework agreement of mutual reliance, a first between multilateral development banks. Banga stated that he was planning to sign more agreements, including with the Inter-American Development Bank in order to extend the approach to the Caribbean. He said that the World Bank is also increasing the tools available for countries. The bank also said that better diagnostics was important. The bank said that it was preparing more detailed reports on the challenges faced by private sector hiring in Barbados, Guinea Bissau, Lesotho Mauritius Samoa and Seychelles. The blog also noted that the World Bank could leverage its power to drive investments. The 'International Finance Corp', the bank’s investment arm, for example, helped to 'fund the development of Botswana’s first utility-scale Solar Project', while the World Bank worked on a project on battery storage in parallel, enabling the integration of solar into the grid. The bank stated in its blog that the result was not just a solar power plant but also a model of how private financing can be used to open up markets and create employment. (Reporting and editing by Andrea Shalal)
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Moody's lowers Iraq's credit outlook to "negative" on Middle East conflict risks
Moody's, a credit rating agency, re-evaluated Iraq's outlook on Friday from "stable" to "negative", citing the risks to the country's "credit profile" due to 'the ongoing Middle East conflict' impacting security and energy flow. Moody's stated that "Iraq's heavy dependence on the oil industry implies that disruptions to exports through Strait of Hormuz, which account for around 90% of Iraq's oil exports, will materially reduce dollar inflows as well as fiscal revenues." Iraqi energy officials stated last month that the main southern oilfields of the OPEC'members have seen their output fall by 80% as a result of the U.S. - Iran?war, and the closing down the strait. This has pushed storage levels to a 'high and critical level. Abbas Araqchi, Iranian Foreign Minister, said that the Strait of Hormuz was now open after a ceasefire agreement in Lebanon. Donald Trump, U.S. president said he believes a deal will be reached to end the Iran War "soon", but the timing is still unclear. Four energy sources reported that Iraq resumed its southern oil exports last Friday after a hiatus of over a month. Moody's said in its report that "even if the ceasefire is maintained, it may take some time before flows in 'the Strait' return to normal." The agency kept the country's rating at "Caa1". (Reporting and editing by Unnamalai L, Bengaluru)
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US loans 26.03 millions barrels of SPR Oil in third batch after Iran war
The U.S. The?U.S. Department of Energy announced on Friday that it had lent 26.03 million barrels of oil from the Strategic Petroleum Reserve (SPR) to nine oil firms. This is the third allocation under?the Trump Administration's efforts to curb fuel costs, which?have risen since the U.S. and Israeli war on Iran. In March, the 'Trump Administration' agreed to release 172 millions barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency to draw down 400,000,000 barrels to try to control fuel costs that spiked because of the war. Energy companies are required to pay interest on the extra barrels they receive from the SPR. The U.S. offered 126,000,000 barrels of crude oil in three batches. Energy companies have agreed to take on loans of nearly 80 million barrels - or more than 63% - from the SPR. The DOE announced that BP Products North America, ExxonMobil?Corp, and Marathon Petroleum were among the companies awarded SPR loans. Reporting by Timothy Gardner, Ismail Shakil and Doina Chiacu; Editing done by Edward Tobin and Doina Tobin
Philippines' more assertive hand in dispute over South China Sea tests Beijing
In the Presidential Situation Room in February of last year, senior Philippines officials were faced with a difficult decision. Coast guard officers displayed photos that they said were of a military grade laser pointed by China at a Philippines vessel in disputed waters a few days before.
Eduardo Ano was the national security advisor and chairman of the South China Sea Taskforce. He had to decide if he wanted to risk Beijing's anger by releasing the photos, or if he didn't want to aggravate his giant neighbor.
The retired general said to the officials, "The public deserves know." "Publish the photos." The meeting, which was previously kept secret, marked a crucial moment as Manila launched a publicity campaign to draw attention to the escalating territorial dispute in South China Sea. Ramming of vessels, the use of water cannons, and diplomatic protests that followed have sharply increased tensions.
"It was a pivotal moment and the birthing of transparency policy," National Security Council spokeswoman Jonathan Malaya told . Malaya attended the meeting and recounted what happened. The goal was to impose severe consequences on Beijing's image, reputation and standing. Malaya claimed that President Ferdinand Marcos Jr. had instructed officials to "civilianise, and internationalise", the dispute. They achieved this by embedding foreign reporters on missions and using the coastguard. He said that this was an important part of building international support to the Philippines because foreign governments are also our audience.
This report on the Philippines' policy change and its implications is based upon interviews with 20 Philippine officials and Chinese diplomats, as well as regional analysts and analysts. The analysts said that the publicizing of China's actions in conjunction with Manila's strengthened military alliance with the U.S. had limited Beijing's ability escalate maritime issues, but increased the risk of Chinese economic retaliation as well as U.S. participation. The meeting in February 2023 took place just days after Marcos gave the U.S. the right to access four additional military bases within the Philippines. This rekindled defence ties which had been weakened under Rodrigo Duterte.
"China has very few options for escalation without invoking the U.S. - Philippines mutual defence treaty or risking a war between Chinese and U.S. troops," said Ian Storey of Singapore's Yusof Ishak Institute.
Marcos also launched a diplomatic offensive to gain support from countries like Canada, Germany and India for the Philippines.
Oil and gas are abundant in the South China Sea. Around $3 trillion worth of trade is carried out through the South China Sea every year. The U.S.'s access to Philippine bases may be important in a conflict over Taiwan. China, whose claims over most of the sea have been invalidated by an International Tribunal in 2016, alleges that Philippine vessels illegally invade waters around disputed shoals. Marcos will take office in June of 2022. The Chinese government has warned him not to misjudge the situation.
Jay Batongbacal, a Philippine lawyer and legal scholar, said: "This is poker. This is brinkmanship." "Brinkmanship" is pushing things to the limit, to see who will lose their nerve. Poker is a game that involves bluffing, deception and one could do both at once.
China's Foreign Ministry responded to ' questions by saying that the Philippines was stoking tensions at sea with "provocative acts in an effort to infringe China's territorial and maritime sovereignty".
China said it would protect its interests and resolve the conflict peacefully by dialogue.
A spokesperson for the U.S. State Department said that Manila's transparency campaign had been successful in bringing greater attention to China’s "disregard of international law" as well as its actions which put Philippine servicemen at risk.
The spokesperson refused to comment on the possibility of a U.S. involvement in military operations, but did say that the U.S. was prepared to support the Philippines should it face economic coercion by China.
"AWAKE AT NIGHT" The conflict concerns Scarborough Shoal (also known as Second Thomas Shoal) and Scarborough Shoal (also known as Scarborough Shoal), where the Philippine Navy maintains an rusting BRP Sierra Madre warship that was beached by Manila in 1999, to support its sovereignty claims. It is manned by a small crew. Chinese ships attempted to block resupply mission by encircling Philippine vessel and firing water cannons which in March broke a boat's glass, injuring the crew. China claimed to have acted professionally and lawfully. Manila released video footage of the incident. In February, Philippine vessels recorded their Chinese counterparts erecting a barricade across the Scarborough Shoal entrance. Both sides have traded accusations this week over a collision that involved their vessels near Second Thomas Shoal.
Jay Tarriela, spokesman for the Philippine Coast Guard, taunts Chinese officials on X and state media. He also posts drone footage of maritime conflicts. He said that if he had been doing something wrong, he would have been closed down.
Tarriela claimed that the transparency campaign had been successful in galvanizing support for Manila, while China's threshold of aggression has not changed despite the increase in incidents.
He said, "They still rely on their water cannons... They are stuck with this kind of tactic."
Center for Strategic and International Studies reported in January that the number of Chinese ships around Second Thomas Shoal, during Philippine resupply mission has increased from an average of one ship in 2021 to 14 in 2023. According to Philippine officials, China's Coast Guard came within metres from the Sierra Madre last month and seized supplies that were airdropped for troops stationed at that location. China's navy, which patrolled the area, claimed that Filipino soldiers had pointed guns at their coast guard. Manila, however, stated they were just holding their weapons.
Officials in the Philippines say that they are concerned about a deadly accident escalating into hostilities.
Jose Manuel Romualdez told that "that keeps a lot us awake at nights".
Manila wants to avoid the economic pressures it experienced a decade earlier, when Chinese customs delays caused Philippine bananas rotting on Chinese docks.
China accounted for 14.8% or $11 billion of the Philippines' total exports in 2023. China is the Philippines top importer, mostly refined petroleum products and electronic goods.
Romualdez stated that Manila hopes China will "see the importance of continuing our economic activities while trying to peacefully solve the issue".
Edcel John Ibarra is a political science professor at the University of the Philippines. He said Marcos could provoke China to "a tougher approach", including non-tariff restrictions and tourism restrictions. He cited changes China made in May, which allow the coast guard to hold foreigners without trial and for 60 days.
Manila's intensity has shocked its neighbors. Vietnam and Malaysia have also had maritime disputes with Beijing. They have been more careful about the information they have released from their skirmishes.
One Asian diplomat who did not wish to be identified said: "We're all watching and talking between ourselves." "The Philippines has developed a new strategy to stand up to Beijing on a point where there is friction."
Marcos stated in December that diplomacy had not achieved much with China, and urged Southeast Asia to "come up with a new paradigm".
China's official media has expressed dissatisfaction with the transparency campaign.
Global Times, a state-sponsored newspaper, said in a May op-ed that the Philippines had "played the victim in order to deceive the international public opinion". Manila's strategy has included a key element of solidifying the U.S. Alliance. In May of last year, both countries clarified that their defence treaty covers the coastguard. Marcos took part in an unprecedented summit, with his U.S. counterparts and Japanese counterparts, on April.
An official from the United States who was involved in U.S. China talks said that Chinese officials complained behind closed doors about these diplomatic breakthroughs, adding that Beijing is "feeling squeezed".
Zha Daojiong of the School of International Studies at Peking University says that China is in a deadlock and will continue to "essentially react" to flashpoints such as Second Thomas Shoal.
He said, "I guess that by responding to the Philippines action they want to maintain the message that the shoal in question is still in dispute."
(source: Reuters)