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Saudi shares drop after drone attacks target key oil pipeline
Saudi Arabian stocks fell in the early trading on Sunday as a result of 'the market's reaction to drone attacks' on the Kingdom's East-West crude oil pipeline. Saudi Arabia's benchmark index fell?1.0%. This was due to a 0.8% decline in Al Rajhi Bank, and a 2.4% drop in Saudi Arabian Mining Company. Saudi Aramco, the oil giant, fell 1.1%. Rabigh Refining and Petrochemical Company plummeted 7.3% and was the worst performer of this session. The sale 'followed an emergency shutdown of the East West pipeline on Thursday after aerial strikes 'hit installations in the Riyadh region and Medina, causing multiple injuries. Riyadh as well as?Baghdad both traced the attack back to Iraqi territory where Iran-backed militias are active, leading the Iraqi Government to dismiss a senior military leader on Saturday. Saudi Arabia did not immediately retaliate militarily after an appeal from Iraq's Prime Minister, but Riyadh defended its right to protect its sovereignty and vital infrastructure. The U.S. president Donald Trump blamed Iran on Saturday for the attacks on the conduit. This is the primary alternative that the Kingdom uses to avoid the Strait of Hormuz. According to the International Energy Agency, previous attacks on Saudi energy facilities had reduced crude production by 2.3 million barrels per day to a low of 6 millions bpd for three decades. Qatar's benchmark Index, which is a measure of the petrochemical industry, rose 0.2%, bucking the regional trend. The Financial Times reported that Gulf foreign ministers will meet with their Iranian counterparts in an effort to reach an interim agreement on traffic management through the Strait of Hormuz.
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Authorities say it could take several months to identify the victims of the Philippine ferry fire.
On Sunday, authorities in the Philippines warned that it may take several weeks or months to identify victims of a ferry fire in which 76 people died. As forensic experts collect and compare DNA samples taken from the charred remains, investigators are determining what caused the worst maritime disaster in recent history in the Philippines. Richard Allan Mangalip, a forensic expert with the Philippine National Police said that some remains were clustered in certain areas of the vessel. Others were spread out across the ship. The vessel was carrying over 130 people, and it was nearing its destination at the time of the fire. The ferry headed southwest from Manila, to Coron in the province of Palawan, a journey that usually takes around 20 hours. Mangalip, at a recent press conference, said that "most of them are already charred." He added that authorities could not give a timeline for identification due to the large number of specimens which must be examined. It could take a few weeks or even longer. This assessment was made a day after the rescuers found 41 more remains on the ferry. The death toll now stands at 76, and 13 people are still missing. Officials stated that more remains may still be discovered because investigators haven't yet thoroughly searched the flooded sections of vessel. On Friday, firefighters entered the ferry after putting out the blaze a day and a half after it started. The Coast Guard released images showing the extent of the damage inside the ship, including rows of bed frames that were twisted and covered with ash by intense heat. Investigators have not yet determined where the fire began and are still working to gain access to key areas of the vessel including the flooded lower decks, the engine room and other sections where evidence may help determine the cause. According to a statement by the Maritime Industry Authority based on survivor 'accounts', two explosions could be heard within the vessel just before the fire started. A representative from shipowner Atienza inter-Island ferry said at the same press conference that the 'company is cooperating fully with the investigators and will continue to assist affected families. The fire is just the latest in a series of maritime accidents that have killed people in the Philippines. This archipelago has more than 7,600 island, and millions of people rely on small boats and ferries to travel.
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The PM's Office says that one person has died and more than 30 people are missing after a Vanuatu Ferry sinks.
In a statement, the office of Prime Minister Jotham napat said that at least one person had been confirmed dead on Sunday and that more than 30 others were still missing after a boat sank off Vanuatu. The statement on Facebook stated that search and rescue operations are continuing in the Pacific Island Nation located approximately 1,750 km (1.090 miles east of Australia) after the MV Matui, with its crew and passengers, went down. It added that 15 of them were alive. RNZ, the New Zealand public broadcaster, reported that search efforts had begun since Friday's inter-island boat sank due to bad weather between the islands of Ambae & Santo. The Napat office stated that the search in open waters was being lowered, while efforts were shifted?towards a search of?the south east coast where currents could have carried survivors. The statement stated that "this loss appears to have been caused by strong winds, failure to heed marine warnings and possible negligence such as overloading the vessel." We pray for the?strength of those who survived and their recovery. Please know that we are with the families of the missing and the ones who have died in this time. Matai Seremaiah is the representative for the Luganville region in Vanuatu’s parliament. He said that rescue efforts began after a crew member of the MV Matui swam to shore and raised the alarm. Seremaiah told RNZ that he alerted them to the fact that the ship had capsized. They went on a search. Vanuatu 'police, Vanuatu Maritime Safety Authority, and the ferry operator, Tui Shipping Agency did not respond immediately to requests for comments.
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Agency reports that 243 passengers from an Indonesian passenger ship have been reported missing at sea.
The Indonesian search and rescue agency reported that a passenger ship carrying 243 passengers was reported as'missing' after it lost contact in the Java Sea during bad weather early Sunday morning. The 'Virgo Transport 8' ship left the East Java town of Surabaya on Saturday for the South Kalimantan City of Banjarmasin, but lost contact. The agency stated that "at the time of this statement, it is not possible to contact the ship and its location is unknown." The agency said that rescuers had launched a search and sent a team to its last-known position. Indonesia is an archipelago consisting of over 17,000 islands. It relies heavily on ferries for transportation. Sea routes are more affordable and accessible than air travel. Safety?standards may not be?always strictly enforced, leading to a high accident rate.
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The PM's Office says that one person has died and more than 30 people are missing after a Vanuatu Ferry sinks.
In a statement, the office of Prime Minister Jotham Napat said that at least one person had been confirmed dead and more than 30 others were missing after a boat sank near Vanuatu. The statement on Facebook said that search and rescue operations are continuing in the Pacific Island Nation located approximately 1,750 km (1.090 miles east of Australia) after the MV Matui with its crew and passengers went down. It added that 15 of them were alive. RNZ, the public broadcaster of New Zealand, reported that search efforts had begun since Friday's inter-island?ferry sank between the islands Ambae and Santo in bad weather. The Napat office stated that the search was "being eased while efforts are being moved towards a search along South-East coast where currents could have carried survivors". The statement said that "this loss appears to be the result of not heeding marine warnings and strong winds, as well as possible negligence including overloading the vessel." "We pray for the strength and recovery of those who survived." "Please know that we stand with the families of the'missing' and those who have died," it added. The Vanuatu Police, the Vanuatu Maritime Safety Authority, and the 'ferry operator Tui Shipping Agency did not respond immediately to comments.
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Hyundai Motor will roll out a driver-assist technology in-house in 2029
Hyundai Motor Group plans to launch its driver-assistance technology in late 2029. This is two years later than originally planned. Hyundai executives said that the South Korean automaker would 'partner with U.S. Chipmaker to 'roll out advanced driver assistance systems (ADAS) in 2028. These are known as ADAS Level 2+ or Level 2++. This shift highlights the difficulties Hyundai faces in developing its own automated driving software, originally scheduled for a debut in late-2027, and raises concerns about its growing reliance on Nvidia. This delay has fueled fears that Tesla and Chinese competitors could catch up to the automaker in the race for commercialising vehicle autonomy. Park Min-woo said at a press briefing that the partnership between Hyundai Motor Group and Nvidia does not mean "leaving our fate entirely in their hand". Park?said Hyundai would co-design the tech with Nvidia, and use data from the system for training and refining its own software?platform dubbed Atria. Park, an ex-Nvidia executive, joined Hyundai in January and has spearheaded the automaker’s deeper ties with the chipmaker. His strategy is a departure from his predecessor Song Chang-hyeon's, who concentrated heavily on internal software before his abrupt December departure. Park stated that Hyundai vehicles powered by Nvidia’s Hyperion 10 will initially forgo expensive lidar sensor in favor of cameras, ultrasonic and radar sensors. Hyundai, however, is looking at lidar to be used with its Level 3 automated driving systems that allow for hands-free driving in certain conditions. Park did not provide a timeframe for commercialisation of Level?3. Park stated that Hyundai and its?affiliate Kia Corp., which are the third largest automakers in the world with sales of more than 7 million cars annually, will use their global fleet to collect data for training their autonomous driving technology. Hyundai expects to surpass its competitors in terms of accumulated driving data before 2033. Hyundai Motor Group has deepened its collaboration with Nvidia in autonomous driving, artificial Intelligence?datacenters and humanoid robotics developed by Hyundai owned Boston Dynamics. Level 2+ systems are more capable on the highway, while "Level 2++ systems can handle more complicated urban driving, similar Tesla's Full Self Driving system. Both require driver supervision.
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Nine Russians are killed and dozens injured in Ukraine by Russian attacks. Moscow claims it hit ships, plants
Officials have confirmed that Russian air strikes on Saturday in various Ukrainian regions killed nine people and injured dozens. They also damaged residential buildings and infrastructure throughout the country. In the last two months, civilian deaths in Ukraine have risen dramatically as Russia intensifies its attacks on power stations and other infrastructure. Ukraine has attacked energy facilities and storage warehouses in remote parts of Russia, and both sides have targeted shipping. According to the city council of Kramatorsk, a Ukrainian "fortress city" on Ukraine's frontline that Russia is trying to capture, Russian forces have attacked and killed three private cars in three separate incidents in a 90 minute period. Four people were injured. The council stated that "these are not military targets." The council said, "They are just ordinary civilian cars." "People were going about their businesses." Vitaliy Bunechko is the governor of Ukraine's Zhytomyr Region west of Kyiv. He said that a Russian attack on an grocery store in Zvyahel killed two people. He said that two petrol stations and an "unidentified enterprise with foreign investment" were also attacked. Volodymyr Zelenskiy, the president of Ukraine, had earlier reported that attacks were taking place in Zaporizhzhia (a city located in the south-east) and his hometown of Kryvyi Rih. Ivan Fedorov is the governor of Zaporizhzhia Region. He said that two people died and eleven were injured in "assaults" on Zaporizhzhia. Oleksandr Vikul, the head of Kryvyi Rih’s military administration, confirmed that two people were killed overnight in attacks by drones and rockets on the city. The Russian military claimed that its forces had attacked Ukrainian steelmaker Zaporizhstal, located in Zaporizhzhia. They also said they hit an Interpipe Steel facility in Dnipro, and several plants at Kryvyi Rih including the Northern Iron Ore Benefit Works Complex. It was impossible to independently verify the accounts of either side. Oleh Kiper, the Governor of Odesa Region said that 37 people including an infant had been injured during a series overnight attacks. Two people are missing. RUSSIAN STRikes on UKRAINIAN Port The Russian Defence Ministry stated that Moscow's forces have continued their strikes against Ukrainian ports. It said that a cargo vessel in Odesa was being used to transport military goods. The ministry announced earlier in the day that its forces had?struck two cargo ships?overnight at the Black Sea Port of Chornomorsk. Ukraine's military claimed it had caused a fire at one of Russia's biggest synthetic rubber producers, Togliatti, in the Samara area. It said that the?Togliattikauchuk factory specialised in producing synthetic rubbers and fuel add-ons used in fuel for Russian missiles. Interfax reported that Russian regional governor Vyacheslav Federishchev claimed that Ukrainian drones had attacked industrial facilities in the Samara region, but did not specify which ones or if they had been damaged. Ilya Sukhikh said that several residential buildings had been damaged, and one person injured. Svetlana Kambulova, the local mayor, told TASS that four commercial properties in Taganrog, in the Rostov Region, were also set ablaze.
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Brussels airport traffic disrupted on Friday evening following drone sighting
The traffic at Brussels Airport was disrupted on Friday night for a half-hour after a drone was spotted. Kurt Verwilgen, a spokesperson for the airport, said that the 'drone procedure' was initiated, and includes an interruption of traffic on the runway up to 30 minutes after the last sighting. He refused to "give any details" on the type of drone or how many flights it diverted. He added that the drone vanished after the sightings. After a series of?attacks on civilian airports, military bases, and a nuclear plant, the Belgian authorities purchased defensive kamikazes in November. Belgian officials said at the time that the incursions "bore the hallmark of" Russian interference while acknowledging they had no proof. Russia denied any involvement.
Binance vows that it will remain in Europe despite a license setback
Binance, the crypto platform, plans to remain in 'the European Union, and will seek permission to operate there again, according to a senior executive. This is after Binance's application under a reformed?licence regime was rejected, which threatened access to millions of users. Gillian Lynch told? that Binance was not going to leave Europe after the failed attempt to obtain a license in Greece for the purpose of offering services like crypto trading within the EU.
She said, "We might just need to take a different route in order to be approved." "If Greece is not an option, I am looking at alternatives."
Binance is now on a collision course with European regulators. The company only has a week to obtain a license before the current permit to operate in Europe expires. This would force it to shut down its EU operations.
Binance, according to two people familiar with the process, has met with regulators from Ireland and Greece. However they have not been able to reach an agreement.
Officials expressed concern about the past money-laundering penalties of the company, its international structure, and what they perceived as a culture of risk taking.
The regulators in all three countries refused to comment or didn't respond.
The letters sent to regulators show how one of the largest crypto companies in the world has struggled with regulatory resistance and obtaining an EU license.
Lynch stated that Binance didn't know the reason for its rejection and had previously believed that the Greek regulator intended to grant a license. She stated that Binance contacted at least four regulators, but had only submitted one application to Greece. Binance's spokesperson said that the company has not been in contact with Ireland's central banks for several years.
Lynch, when asked about Binance's previous problems, said that Binance had invested heavily in compliance and internal control, had employed 1,500 compliance personnel, and did not have any outstanding issues relating to its application.
Regulatory Concerns
Binance's failure to obtain an EU license before the deadline of June 30 raises doubts about its future within the EU. The EU's new crypto regulations will be tested to see if authorities can enforce what amounts to a prohibition.
The European Securities and Markets Authority (ESMA) said on Tuesday that crypto firms without a license must "take immediate measures to wind up their EU activities in a timely manner".
MiCA (the EU's groundbreaking crypto regime) came into effect last year. Firms have until the end of June to get an authorisation to serve customers in all 27 member states.
Binance claims to have more than 300 millions customers worldwide, but has declined to disclose how many of those are in the EU. Sensor Tower estimates that the app was downloaded over 4 million times last year in the EU, with France, Germany, and Spain being the most popular downloads.
Sources who spoke on condition of anonymity said that regulators evaluating Binance's offer were also concerned with the backgrounds of senior executives, and the exchange’s track record in money laundering controls. They viewed these as being inadequate.
One source pointed to the influence and complexity of Binance's global structure, which was attributed to founder Changpeng Zhao. Zhao said in a podcast in February that he remained Binance’s ultimate beneficial owner.
Lynch told Zhao that Zhao was "100% removed from the company."
Binance struggled in the past to gain regulatory approvals elsewhere. Binance is not authorised in the UK, and it was asked to leave Japan for operating without a license. Its primary licence is in the United Arab Emirates.
Zhao, also known as CZ, pleaded guilty in 2023 to violating U.S. laws against money laundering as part of an $4.3 billion settlement after a year-long investigation. He spent nearly four months behind bars before being pardoned by U.S. president Donald Trump last year.
Binance, according to U.S. authorities, has violated anti-money laundering laws and sanctions laws by failing to report over 100,000 suspicious transactions that were linked to groups designated as terrorist organizations in Washington.
COORDINATION OF REGULATORS
MiCA allows crypto firms to?apply via a single regulator national and use this as a "passport". This will allow them to sell services throughout the bloc.
One source said that regulators in Latvia, Ireland, and Greece worked closely together to ensure "a consistent approach" to Binance’s application. Some regulators are concerned that inconsistent enforcement may undermine efforts to supervise a multi-billion dollar industry. They warn it could destabilise the markets, facilitate illegal finance, and harm investors if properly supervised.
Eleanor Hughes, Binance's general counsel, said that Binance believed it met MiCA requirements. While national regulators issue licences, ESMA can discuss applications. Reporting by John O'Donnell and Elizabeth Howcroft. Francesco Canepa, Lefteris papadimas. (Editing by Tommy Reggiori Wilkes. ElisaMartinuzzi, Mark Potter and Mark Potter.
(source: Reuters)