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Sweden spends $440 Million on Unmanned Military Drone Systems
Pal Jonson, Sweden's defence minister, said that the country will spend $437 million on unmanned drone systems over the next two years. The NATO member is buying unmanned systems, including electronic warfare systems, surveillance drones and marine?surveillance drones and minesweeping robots. Jonson, at Sweden's annual defence conference in Salen, north Sweden, said: "Nobody knows what the future?war looks like, but one thing is certain,?the battle field of tomorrow will be characterized by unmanned systems, and long-range capability." Anyone who does not understand this will either be dead or defeated. We all know that war is a harsh teacher. Jonson added that the government would also?invest 1.3 million crowns into new military satellites. Since the Russian invasion of Ukraine in 2022,?Sweden has increased its permanent military expenditures. The Swedish government is also borrowing 300 billion crowns in order to accelerate the acquisition of new equipment, such as air defense systems, submarines and ships. $1 = 9.1525 Swedish Crowns (reporting by Johan Ahlander; writing by Simon Johnson; editing by Alexander Smith).
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In December, the share of copper from China in LME stock fell.
Data from the London Metal Exchange showed that the share of China-made Copper among the available London Metal Exchange stock fell in December. This was due to the outflows?of the inventory in the LME registered?warehouses?in Asia. The percentage of copper stocks that are available - or those on warrant The data revealed that 79% of the - in LME's warehouses were of Chinese origin at the end last month. This was down from 85%?in November. A LME warrant is an ownership document. The absolute number of Chinese copper stock on the LME dropped to 87,475 tons by the end last month, from 130,225 tonnes in November. The available copper stocks were made up of 13% Russian-made copper, or 13,850 tons. China-made nickel accounted for 69% available LME Nickel stocks, down one percentage point compared to the previous month. The percentage of aluminium stock available The data showed that the percentage of aluminium of Indian origin dropped by one percentage point from 39% to 38%. Absolute terms, Russian metal stocks increased by only 550 tonnes to 257 425 tons while Indian aluminum stocks declined by 37 850 tons?to 176 675 tons. The LME has prohibited?metal produced by Russia since April 13,2024 from its warehouse system in order to comply with?U.S. and British sanction imposed due to Russia's invasion of Ukraine 2022. Metals made before this date are still available for trading, but most traders avoid them. (Reporting and editing by Jan Harvey; Polina Devlin)
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Sweden calls on the EU to ban support for Russian gas and oil-shipping fleet
According to the Swedish Foreign Minister, sanctions should be introduced against Russian fertilisers, and companies should not provide any support for Moscow's oil-and-gas-shipping fleet. The bloc of 27 nations is currently preparing their 20th package of sanctions to punish Russia for its conflict in Ukraine. Prior sanctions focused on crippling the oil and gas sector, which is the Kremlin’s main source of revenue. At a yearly security conference held in Salen in western Sweden, Foreign Minister Maria Malmer Stenergard stated that "the pressure on Russia?has to increase". Stenergard stated that the EU's "next package of sanctions" should include a ban on all European companies who provide?services? to Russian vessels carrying coal, oil and gas. She said: "No port repairs, no insurance, no transport, and no reloading between ships of goods." The EU should also impose restrictions on the export of Russian fertilisers, which is Russia's third-largest export to the EU. In July of last year, the EU imposed tariffs against fertiliser imports coming from Russia. Russia is responsible for more than 20 percent of all fertiliser produced in the world and supplies around 25 percent of EU fertiliser imports. She said, "We want to stop the export of luxury goods from Europe to Russia." "It frustrates me that wealthy Russian consumers can buy expensive?Italian clothes and drink fine French wine." Since the invasion of Ukraine by Russia in 2022, the EU has imposed a total of 19 sanctions packages against Russia. (Reporting and editing by Bernadette Bavier and Joe Bavier; Reporting by Simon Johnson)
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French farmers are targeting food imports amid Mercosur protests
Farmers in France stopped lorries on France's main motorway north from Paris and at France's biggest container port on Monday to conduct?symbolic inspections of imported food as a protest against an EU-Mercosur trade deal, which they claim will lead unfair competition. Since weeks, farmers in?France have protested over a number of grievances, including the proposed Mercosur trade deal. Farmers and opposition parties have increased pressure on the French government following Friday's deal approval. The Young Farmers Union, which had assembled with tractors at the weekend in the northern port Le?Havre to inspect food trucks leaving the port. FARMERS DENOUNCE "UNFAIR COMPETITION" Justin Lemaitre is the secretary general of a local union branch. He said that it was difficult to accept unfair competition when products produced in Europe were imported from other parts of the world. Protesters at Le Havre also observed sheep offal and mushrooms from China. Patrick Legras said that farmers from the Coordination Rurale Union were performing'similar checks' on lorries headed towards Paris at a toll gate near Lille in the north. Unions and French media also reported that farmers were blocking fuel depots in the Atlantic port La Rochelle, in the Savoie area?of the French Alps as well as a grain port?in Bayonne, in the southwest. Farmers will bring tractors to the capital on Tuesday for a demonstration, after a surprise protest there on Thursday. This is ahead of an upcoming gathering at the European Parliament in Strasbourg on the 20th January. French farmers are hoping that the parliament will stop the Mercosur agreement. (Reporting and editing by Barbara Lewis; Gumpiz Trompiz)
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Uber's safety record is put under scrutiny by a sexual assault trial that took place in Arizona
Uber will be on trial in Phoenix, Arizona this week, for a sexual assault lawsuit filed by a woman who claims she was sexually abused by a driver that she booked through the Uber app. Uber will face its first trial to test their efforts to shield themselves from liability for alleged assaults by their drivers. Thousands of cases are pending before U.S. Federal Court. Jaylynn Dean, a resident of Oklahoma, sued Uber in 2023. This was one month after the alleged attack in Arizona. She claimed Uber was aware that a number of sexual assaults were being committed by their drivers, but failed to do anything to improve safety for its riders. These claims have plagued the company for years, attracting headlines and Congressional attention. Uber faces more than 3,000 lawsuits involving similar claims, which have been consolidated before a federal court. The outcome of Dean's case, which is viewed as a "bellwether", or test case, for the litigation could be used to estimate the value of all the lawsuits in the event of a mass settlement or resolution. Uber's safety record is closely monitored by regulators, and the outcome of this litigation could have a negative impact on its balance sheet. Uber has claimed that it shouldn't be held responsible for criminal behavior by drivers using its platform. It says its background checks are sufficient, as is its disclosure of assaults. Uber maintains that drivers are independent contractors and not employees. However, it can't be held responsible for any actions outside of their scope of duties. Dean's representatives declined to comment. Uber's spokesperson said in a statement released before the trial that the company takes all reports of sexual assaults very seriously, and continues to invest in technology to prevent harm. The spokesperson stated that safety is fundamental to Uber and the company's commitment to protect users on the platform would never cease. LIABILITY TEST CASE Dean's lawsuit claimed that she was drunk when she hired Uber to drive her from her boyfriend’s house to her hotel. Dean claims in his lawsuit that the driver harassed her during the drive before stopping the vehicle and raping Dean. The company faces more than 500 cases in California state courts in addition to those in federal court. In September, Uber won the first trial in California state courts over the lawsuits. A jury found Uber negligent for the safety measures it took to protect the woman but did not find that negligence to be a significant factor. Uber has been involved in numerous safety issues, including accusations of lax driver screening and a culture that critics say prioritizes growth over passenger safety. Safety has been a major focus for the company in recent years. It published U.S. Safety Reports detailing reported sexual assaults. Features such as video and audio recording, anomaly detection and in-app 'ride verification' have also been introduced. Uber's rival Lyft faces similar lawsuits both in state and federal courts, but there is not a coordinated federal litigation. Uber tried to delay the case of Dean after her lawyers accused Uber of tainting a jury pool by running an advertisement that claimed Uber was notified about a sexual crime every eight minutes. Uber claimed that the claims made in the campaign were false. The motion was denied by U.S. district judge Charles Breyer who oversees the mass litigation, and will hear Dean’s case. This allows the trial to proceed. (Reporting from Diana Novak Jones and Akash Sriram, in Bangalore; Editing by Alexia Garamfalvi & Rosalba o'Brien).
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Iveco and PlusAI expand their partnership with autonomous truck testing in Spain
PlusAI, the self-driving vehicle startup, announced on Monday that it would launch Southern Europe's very first program to test heavy-duty autonomous vehicles. It will also expand its partnership with Iveco Group and brand IVECO. Two IVECO S-Way truck equipped with PlusAI’s Level 4 autonomous driving.system will be tested on a 300-km route between.Madrid.and Zaragoza in 2026. A safety operator will also be onboard. Trials will be conducted with Spanish logistics operator Sese, and the regional government of Aragon. PlusAI in Silicon Valley, with offices in Europe and America, has been working with Iveco on joint research and tests for many years. PlusAI will?list on Nasdaq in 2026 through a planned business combination with blank check company Churchill Capital Corp IX. The deal is expected to close by the first quarter of 2026. Iveco will be delisted after India's Tata Motors announced it would purchase the company for 3.8 billion euros in July. (Reporting and editing by Matt Scuffham; Laura Contemori)
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The Finnish police have released a ship linked to Russia that was held in a cable sabotage investigation
The Finnish police announced on Monday that they have'released' a ship which had been detained on suspicion of sabotaging a undersea cable connecting Helsinki with Estonia via the Gulf of Finland. However, the investigation continues. After a series of power cables, telecom links and gas pipelines, the Baltic Sea region has been placed on high alert Outages Since Russia invaded Ukraine 2022, NATO has increased its military presence with aircraft, frigates and naval drones. Finland detained a crew member in the course of an investigation after seizing the Fitburg cargo vessel on December 31, while it was en route to Israel from Russia. Police said that the ship would leave Finland's territorial water on Monday. In a statement, the head of the investigation for Finland's National Bureau of Investigation (?Risto?Lohi) said that the Finnish and Estonian police had completed their work at the vessel and therefore the seizure could be lifted. He added that some of the crew members are still under a travel restriction. (Reporting and editing by Terje Solsvik, Stine Jacobsen)
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Jimmy Lai, the media tycoon of Hong Kong, begins his mitigation hearing ahead of sentencing
The Hong 'Kong High Court heard on Monday Jimmy Lai's mitigation plea, which is the final step before sentencing. This landmark trial in national security has been condemned internationally and could result in Lai being jailed forever. Lai was found guilty last month of being "the mastermind" of two counts, including conspiracy to collude and collaborate with foreign forces in violation of a national security law imposed by China, as well as conspiracy to publish seditious materials. Lai denies all charges. Britain, Europe, and the United States all criticized the verdict. Hong Kong officials say Lai was given a fair trial, and that the new national security law restored stability to the city. In hearings like Monday's, defence lawyers can ask for a lesser sentence than the 10-years-to-life imprisonment Lai may face based on the guidelines of the security law. Lai was seated in a glass dock, with eight defendants including two key prosecution witnesses, Andy Li, and Wayland Chan, Tszwah. They were separated by a half dozen prison guards. LAU'S PROSECUTOR SAYS HIS HEALTH STABLE The prosecutor Anthony Chau has dismissed recent concerns about Lau's deteriorating health in prison. He cited a medical report from January 9 that described his condition as "stable". "No obvious abnormality was detected," Chau said, referring back to the heart palpitations that Lai's lawyers had reported last August. Lai, a long-time critic of the Chinese Communist Party and founder of the pro-democracy Apple Daily paper that is now closed, is the most prominent figure facing prosecution as a result of sweeping national security measures in the China-ruled City following massive pro-democracy demonstrations in 2019. The judges found that Lai used his influence, and the Apple Daily newspaper to launch a campaign "to seek the downfall" of the CCP even though it cost the interests of the people of China and Hong Kong. Priscilia Lai, an attorney for Wayland Chan who was a prosecution witness, requested that his sentence be reduced at least in half for serving as a "supergrass", or informant, and providing key evidence against Lai, the others, Three other prosecution witnesses include Chan Pui-man, Apple Daily's former associate publisher, and Yeung Ching Kee, a former editorial writer. Nearly 100 People Queued Outside Court Nearly 100 people waited overnight outside the courthouse before the hearing. Some gathered three days prior to the hearing with sleeping bags and blankets, as well as cardboard sheets that they used for makeshift beds. Lee Ying Chi, who had waited in line for days, said that many people still support Mr. Lai. "We hope he is released immediately." He has done nothing wrong." In a recent interview, U.S. president Donald Trump stated that he asked Chinese President Xi Jinping for Lai's release, whom he described as a "positive advocate", but received no response. Five UN Human Rights Council experts have also called for Lai’s release, citing humanitarian reasons. They said his conviction demonstrated a “dramatic decline” in fundamental rights and judicial autonomy.
First Venezuelan oil deals signed by US companies are with trading houses, not US majors
Oil trading companies have a clear advantage over U.S. energy giants who are wary of legal and credit risks. They also get to take advantage of a lucrative business opportunity with Venezuela, the country that has the largest crude reserves in the world.
Donald Trump, the U.S. president, said that U.S. oil majors will invest billions in Venezuela in order to rebuild its deteriorated oil sector after the capture by America of President Nicolas Maduro in early January. Trump met with top oil executives at the White House Friday, as his administration outlines its long-term plan for raising $100 billion to increase Venezuelan oil production.
The first companies to secure any business in the wake ?of the U.S. military ?action in Caracas, however, were Dutch-based trader Vitol and Singapore-headquartered peer Trafigura, rather than U.S. majors.
Four industry sources who were familiar with the talks said that the U.S. Government chose the merchant houses as they are better equipped to get Venezuelan oil flowing again. Washington must first do this before it can start reconstruction, in order to ensure that the revenue generated by oil exports under U.S. oversight can be used to fund the interim government of Delcy Rodriquez in Caracas.
White House official: "Securing and marketing initial barrels Venezuelan crude oil at record speeds was done to the benefit of both the American people and Venezuelans."
Venezuela's revenue is derived from oil exports. It has been deprived of these proceeds for a little over a month as Trump increased pressure on Maduro.
Washington and Caracas have finalized a $2 billion agreement to sell up 50 million barrels to U.S. refining companies and other buyers - oil which had been stuck in storage tanks and on ships in Venezuelan water due to the blockade.
The White House official stated that it was important to facilitate the initial oil sales to ensure that funds would flow back to Venezuela to pay for daily services. A process has been put in place to maintain a steady flow of production and sales as well as refining?of Venezuelan crude oils.
Richard Holtum, the chief executive of Trafigura, said that the company is preparing to load its first shipment this week.
GLOBAL NETWORK ADDED APPEAL TO TRADERS
Trading houses were in competition with Chevron to secure supply deals. Chevron, the only U.S. major oil company that operates in Venezuela as a joint venture partner with Venezuelan PDVSA state oil firm, is the sole U.S. oil giant. Chevron holds a license issued by U.S. authorities that exempts the company from sanctions imposed by the United States to cut off Maduro's oil revenue.
Trafigura, a global shipping fleet, and logistics network are among the few companies capable of executing a deal this large and complex, Trafigura stated.
Vitol has worked on complex transactions that require agile operations, logistics and finance for a long time.
Three participants in the White House meetings said that the traders won the Venezuelan oil deals as well because they have a 'higher risk tolerance and more agility than the major publicly traded oil companies.
One source said that legal teams and advisors had discouraged some of the biggest U.S. producers of oil from participating in the first oil shipments because Venezuelan creditors could seize the revenues.
How can we guarantee that creditors won't resort to legal action, whether in the U.S.
Three sources with knowledge of the situation said that the U.S. Government told trading companies they would protect them by controlling bank accounts tied to sales and shielding the proceeds from creditors.
Trump acted quickly to accomplish this on Friday. The White House announced on Saturday that Trump issued an executive ordering blocking courts and creditors impounding the revenue from the sale Venezuelan oil in accounts controlled by the U.S. Treasury.
Venezuela is in debt to foreign creditors for more than 150 billion dollars. Trump has asked the oil companies to rebuild Venezuela's industrial sector. ConocoPhillips, Exxon Mobil and others are still trying recover nearly $14 billion in relation to asset expropriations that occurred 20 years ago.
INVEST AND REBUILD
Trump and his team told oil companies that they must invest in the sector and rebuild it first before repaying any debt.
Three shipping sources have said that U.S. companies selling oil would be less willing to accept the risk of compliance involved when they sell oil from tankers blacklisted by Washington because of their involvement in sanctioned trade.
The shadow fleet of vessels that transport sanctioned oil is a large number of vessels with 'old' and 'outdated or unknown insurance arrangements and safety certificates, which are required to enter many ports. Two sources claim that they do not meet the strict chartering requirements set by the big U.S. Oil companies.
One source stated that the U.S. oil majors may be reluctant to get more involved in short-term crude oil trading because of their investments in China. Majors have invested tens and tens billions in China.
Beijing has condemned U.S. actions in Venezuela. China is one of Venezuela's biggest creditors. PDVSA has paid its debts with oil shipments.
The majority of the $2 billion in oil that was to be finalized for shipment to Chinese refiners had been originally planned. Since the U.S. sanctions against Venezuela's main traders were imposed in 2020, Chinese independent refiners are the largest buyers of Venezuelan oil.
The big U.S. Oil companies are hoping that the U.S. will lift its sanctions on the oil trade and Venezuela will adopt the legal framework which would encourage them to invest and work with Venezuelan entities.
EXXON CEO CALLS VENEZUELA "UNINVESTABLE"
Exxon CEO Darren Woods said Venezuela was "uninvestable" at the White House. He also stated that security guarantees were required and a hydrocarbon reform would be needed before Exxon returned to the country. Woods stated that Venezuela had twice taken Exxon assets.
Trump said on Sunday that he could block Exxon's investment in Venezuela. He said, "I didn’t like Exxon’s response."
Conoco CEO Ryan Lance stated at the same event that his company is the largest non-sovereign creditors, with approximately $12 billion in compensation pending for expropriation. Trump told Lance that the U.S. wouldn't look back on what was lost in the past.
Two sources confirmed that under the new agreement, trading houses will also provide lighter oil to Venezuela to dilute heavy oil before export, as Venezuela needs it. On Saturday, sources in the oil industry said that Vitol was set to load its first cargo. Reporting by Dmitry Zhdannikov in London and Jonathan Saul, Marianna Pararaga and Arathy Sommesekhar, Sharaq Khan in New York, Jarrett Renshaw, Washington DC, and Sharaq Khan, New York; writing and editing by Liz Hampton, Diane Craft, Jason Neely, and Simon Webb.
(source: Reuters)