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First French man in his 80s to apologize formally for slavery in family
On Saturday, a man in his eighties issued what he believed to be 'the first formal apology in France by someone for their family's role in slavery. He said he hoped that others - and the government - would follow. Pierre Guillon de Prince’s ancestors were shipowners in Nantes, France’s largest port of transatlantic slavery. They transported 4,500 slaves from Africa and owned plantations throughout the Caribbean. Guillon de Prin said that other French families should confront their historical links to slavery and the state must go beyond symbolic gestures in order to address the past. "Faced by the rise of racism in our society I felt a duty not to erase this past," said the 86-year old, adding that he wanted to share the family history with his grandchildren. He apologized to a group in Nantes before the inauguration of an 18 metre replica mast. Dieudonne Boutrin is a descendant from enslaved people?from the Caribbean Island of Martinique. The two work together at Coque Nomade - Fraternite, an organization dedicated to "breaking silence" about slavery. They said that the mast will serve as a beacon of humanity. Boutrin said, "Many descendants of slave traders are afraid to speak out because they fear reopening old hurts and anger." "Pierre's apology was a brave act." Between the 15th and the 19th centuries, more than?12,5 million Africans, mostly Europeans, were abducted, forcedly transported, and transported on European ships. France was responsible for the trafficking of 1.3 million people. Guillon de prince's apology follows a similar one made by other families, both in Britain and elsewhere. GROW France recognized transatlantic slavery in 2001 as a crime. However, it has not formally apologized for its role, unlike most European countries. During his tenure in office, President Emmanuel Macron expanded access to archives relating to France's colonial history. He said last year that he would set up a commission to look at France's relationship with Haiti without talking about reparations. Worldwide, the calls for reparations are increasing - from official apologies to financial compensation. In the United Nations, France abstained from a resolution that was led by Africa and declared slavery to be the "gravest crimes against humanity" while calling for reparations. Reporting by Catarina demony in London. Mark Potter (Editing)
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Mediation fails in dispute over Franco-German fighter jet, Handelsblatt says
Handelsblatt reported on Saturday that despite the fact that 'political leaders have still got the option to intervene in the dispute between companies involved in a Franco-German FCAS project fighter jet,'mediators failed to resolve it. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. Persons familiar with the situation said that the German mediator will conclude that building a common fighter jet, which was once a major pillar of the project?, is no longer possible. The person said that the German Chancellor Friedrich Merz will be informed about the current status of the dispute Sunday. According to sources familiar with the project, Germany and France are likely to abandon the development of a?jointly piloted jet? but continue their cooperation on software and data systems as well as drones. Merz will meet French President Emmanuel Macron during the informal European Union Summit in Cyprus next Thursday and Friday. FCAS is at risk of failing or being scaled back as Europe looks to increase unity and collaboration in the face of threats from Russia, and the waning support from the United States. The project was stalled due to a control dispute between France's Dassault and Airbus which represent?Germany, Spain and the 100 billion-euro project. Dassault Aviation's head said on April 1 that he would give his company between two and three weeks to determine if a deal can be reached regarding the "air combat system". Merz stated that he was doing all he could to save the program and two mediators were appointed to "overcome differences" late last month. A spokesperson for Airbus in France declined to comment. Dassault, the French presidency, and Dassault have not responded to comments.
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FIFA warns that New Jersey's $150 fare for transit will have a 'chilling' effect.
FIFA has warned that New Jersey's decision to charge $150 round-trip for transit?to World Cup games?will have a 'chilling effect' on fans. The fare is a tenfold increase over the $15 usual for the route. The price increase can add thousands of dollars to World Cup tickets, especially if they are sold on the secondary market. The MetLife Stadium will host eight matches including the final on July 19. Kris Kolluri, the CEO of New Jersey Transit, had defended his pricing by citing increased passenger numbers due to the closure of public parking near the stadium and the World Cup security requirements. Heimo Schirgi is the Chief Operating Office for the World Cup in 2026. He said that the price increase would force the fans to consider other options. The current NJ Transit pricing model will have a chilling effect. Schirgi stated that increased fares will inevitably drive fans to alternative transportation options. This increases the concerns about congestion and late arrivals and creates wider ripple effects which ultimately reduce the economic benefits and lasting legacy that the entire region stands a chance to gain by hosting the World Cup. "Furthermore... to arbitrarily raise prices and then demand FIFA cover these costs is unprecedented." "No other major event, concert, or global sporting promoter faced such a request." GOVERNOR SAYS "FIFA SHOULD PAID" New Jersey Governor Mikie?Sherrill said previously NJ TRANSIT was "stuck" with a bill of $48 million to ensure fan security while?FIFA made $11 billion. I'm not going leave New Jersey commuters to foot the bill for many years. Sherrill said that FIFA should pay for rides. FIFA denied Sherrill’s claim and said they generated $11 billion of revenue, not profits. "FIFA is a non-profit organization as per our Statutes." Schirgi added that the FIFA World Cup revenues are reinvested in 'developing football worldwide, especially for youth and women. "Finally, we applaud all of our partner cities across the country for embracing this opportunity to showcase their regions to visitors through low-cost and often unchanged rates on mass transit." (Reporting and editing by Clare Fallon in Bengaluru, Rohith Nair from Bengaluru)
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Machado, Venezuela's Machado, says that the Spanish PM's summit on leftist politics is why he has not met him
Maria 'Corina Machado, Venezuelan opposition leader, said that she refused to meet with Spain's Prime Minister during her visit as he was hosting an?event of progressive leaders in Barcelona. Machado is a Nobel Peace Prize-winning?liberal? of the right-wing, who has refused to meet with Spain's leftist government led by Prime Minister Pedro Sanchez. This is in stark contrast to her frequent meetings with Sanchez's opponents from the right. Machado said at a?event held in Madrid that "what transpired over the last few hours in his meeting in Barcelona with different political leaders from different countries was proof that such a?meeting was not advised." Sanchez said that he would be willing to meet Machado at any time. He also called for Venezuelans to determine their own future democratically, without foreign interference. Machado will be feted by one of Sanchez’s fiercest critics later that day, Madrid regional leader Isabel Diaz Ayuso. She will then?hold a rally in the Spanish capital with?the Venezuelan Diaspora. Return to VENEZUELA Machado praised Spain for its welcoming Venezuelan migrants but said that neutrality is no longer acceptable in regards to the interim government led by Delcy Rodrguez, which was formed after the U.S. army ousted Nicolas Maduro during a raid on Caracas last January. Washington has since then been working with?Rodriguez to increase its presence in Venezuela’s oil sector. This week, the World Bank and International Monetary Fund resumed their dealings with Caracas after a break that began in 2019. Machado stated that she is coordinating with Washington regarding?her return to Venezuela in order to lead a democratic transformation. She said she supported the IMF's renewed supervision of the economy and that it would allow the central bank vaults to be opened in order to reveal the gold reserves of Venezuela. She also demanded that she be informed clearly when the next elections will take place. She said: "It is very clear that at the moment, there are those who want Venezuela to be democratic and free and those who wish to maintain the status quo. Just ask them when elections should take place." Corina Pons is the reporter. David Latona is the author. Louise Heavens (Editing by David Latona)
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UKMTO reports incident involving tanker near Oman
The United 'Kingdom Maritime - Trade Operations (UKMTO), a government agency, said on saturday that it had received a report about a tanker which was being fired at by "two gunboats connected to Iran's Revolutionary IRGC" located 20 nautical miles north of oman. UKMTO's advisory note stated that the captain of the tanker reported that?the two armed gunboats fired without issuing any radio challenges, adding that the vessel and crew were safe. UKMTO reported that it received a'report of an unknown projectile hitting a container vessel 25 nautical miles north-east of Oman. UKMTO reported that the attack damaged some containers on board but no fires, environmental impacts, or casualties were immediately reported.
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Iran's Navy tells Ships Strait of Hormuz Closed Again, Two Vessels Report Gunfire
?Ship sources reported that two merchant vessels were hit by gunfire while attempting to cross the Strait of?Hormuz. After receiving a mariner's notice a day before, a number of commercial vessels attempted to transit the strait. The notice stated that passage was allowed but limited to Iran-approved lanes. Sources in maritime and shipping security said that on Saturday, "at least two ships" reported that Iranian boats had fired shots. These incidents occurred in the waters between Qeshm Island and Larak. Sources said that the vessels returned without completing their crossing. The United Kingdom Maritime?Operations agency (UKMTO), said that it received a report about an incident which occurred?20 nautical mile northeast of Oman. The captain of the tanker reported that two gunboats from the Islamic Revolutionary Guard Corps had fired at his vessel after approaching it. The tanker was safe, as were its crew. According to a source in maritime security, gunfire also struck a container ship. Several?vessels have reported that Iran's Navy has been broadcasting VHF messages saying the Strait of Hormuz is closed again. The Strait of Hormuz is now completely closed by Iran due to the U.S. Government's failure to fulfill its commitment in the negotiations. The radio message stated that no vessel of any type or nationality was allowed to cross the Strait of Hormuz. About 20,000 seafarers and hundreds of ships remain stranded on the Gulf coast, waiting for passage through this key waterway that carries about 20% of all global oil and LNG flows. Reporting by Renee Maltezou and Yannis Souliotis. Marwa Rashad Ahmad Ghaddar Muhammad Al Gebaly. Emelia Sithole Matarise and Mark Potter edited the article.
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Handelsblatt reports that mediation fails over spat about Franco-German fighter aircraft
Handelsblatt reported on Saturday that mediators failed to resolve the dispute between the companies involved in a Franco-German fighter jet project. However, political leaders have the right to intervene. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. The paper said that German Chancellor Friedrich Merz will be briefed over the weekend on the current status of the dispute and plans to decide on Germany's stance by Tuesday. Merz 'is scheduled to meet French president Emmanuel Macron during the informal European Union'summit in Cyprus next Thursday and Friday,?it said. The 100 billion euro?FCAS project, which has been in crisis for years, is stalled because of a long-running dispute between Dassault Aviation (France) and Airbus (Germany and Spain), who represent the project. Dassault Aviation's head said that on April 1, he would give his company between two and three weeks to determine if a deal could be made on the air-combat system. Merz announced late last month that he would do everything he could to save the program and that two mediators were appointed to resolve differences. A spokesperson for Airbus Group in France declined comment. Dassault, the French presidency, and the German government did not respond to requests for comment.
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India increases inflation-linked allowances and approves a $1.4 billion maritime insurer pool
A minister announced on Saturday that India had approved a 129.8 billion rupees ($1.4 billion) guarantee to?a maritime pool?, as sanctions and wars prompt insurers?to withdraw coverage, threatening trade flow?. Ashwini Vashnaw, Information and Broadcasting minister, said that the pool would 'run for 10 year's?and could be extended another five years. According to a government statement, "there was a necessity for a domestic risk-covering pool in order to maintain sovereignty and the continuity of trade when coverage is withdrawn due to sanctions or geopolitical tensions." Reports earlier this month revealed that several major reinsurance companies, including India's sole state-backed reinsurer GIC, had either removed?coverage or raised premiums sharply, leaving the industry without much reinsurance assistance. Reinsurers help insurers spread risks, which is a vital support. The Iran war and Western Sanctions on Russia are among the 'issues that have led the insurance industry to reduce coverage. In a statement, it was stated that the insurance pool would cover all maritime risks including hull, machinery, cargo, and war risk. Members will issue policies using a combined underwriting capability of approximately?9.50 billion rupies. The inflation-linked allowance has been increased In a separate announcement, the government announced that inflation-linked allowances would also be increased by?2% starting on January 1. Dearness allowances and dearness reliefs are government mandated payments that are aimed at reducing inflation among employees and pensioners. The allowances are reviewed twice a year according to the consumer price index. Government data released earlier this month showed that India's CPI increased to 3.40% from 3.21% year-on-year. The price of cooking gas has increased, despite the fact that government tax cuts have protected consumers from the full impact.
Bousso: Mideast oil shock signals a supply crunch.
The U.S. and Israeli war against Iran has caused a sudden and acute disruption in Middle East oil supply, forcing buyers to use every barrel available. This is quickly destroying forecasts for an oil glut. The International Energy Agency predicted in February that the global oil supply would exceed demand by 3.7 million barrels a day (bpd). This surplus was expected to last into 2026. One month later, this projection seems outdated. After the nearly complete closure of the Strait of Hormuz, the Gulf is effectively stranded with 15 million barrels per day of crude oil production and 4.5 millions barrels per day of refined fuels. The Strait of Hormuz was closed shortly after the launch of the joint U.S. and Israeli aerial bombing campaign on Iran, which Tehran responded by targeting Gulf States and regional energy infrastructure. Oil markets and wider economies have been shocked by the loss of a massive amount of supply, which is equivalent to nearly a fifth daily global consumption. Brent crude, the global benchmark, surged over $90 per barrel on Friday. This is a gain of nearly 30% in the last week since the conflict began. Asia, which imports 60% of its crude oil from the Middle East is the worst hit. To conserve feedstocks, refineries and petrochemicals in the Middle East have reduced production or closed their doors. Other energy-intensive industries such as ceramics, car manufacturing and others are also facing severe shortages. It is impossible to know how long the conflict and the Hormuz shut down will last. The pressure on the oil supply chain increases with every passing day.
You are running out of time and space
The Gulf producers have run out of options. Crude is being pushed to offshore and onshore tanks due to the blockage of exports. Iraq, with limited storage options has already stopped at least one-quarter of its production of 4.3 million barrels per day. Kuwait, United Arab Emirates, and Saudi Arabia - the world's biggest exporter - have some storage capacity left – but it is measured in days not weeks. Saudi Arabia and UAE are able to divert crude oil through other export routes but this only partly offsets the loss of Hormuz. Storage will fill up, forcing more producers to reduce output and idle refineries.
It is difficult to shut down oil fields in a safe manner. It can take weeks or even days to restart them and reach full production, which has a far-reaching impact on the market. Refiners, particularly in Asia, are scrambling to get barrels.
TAPPING AVAILABLE STOCK The good news is, inventories have been increasing in recent months due to the increased output of producers such as OPEC. According to the IEA, global oil inventories increased by 1.3m bpd or 477m barrels in 2025. This was their highest level since March 20, 21.
Kpler's data shows that around 80 million barrels of oil are stored at sea on tankers, and nearly two thirds of them are in Asia.
Most buyers are unable to access a large portion of this "floating storage", as it comes from Iran, Venezuela, and Russia. All three countries are subject to Western sanctions. Around 50 million barrels of Iranian crude are alone. But some of this oil is beginning to move. On Thursday, the U.S. granted India a waiver for buying Russian crude in order to assist refiners. New Delhi cut its imports sharply last month in accordance with a deal reached with Washington.
By March 6, the amount of Russian crude oil in floating storage had already dropped from 7,7 million barrels, just before the Iranian strikes.
Independent Chinese refiners are expected to take the majority of Iranian barrels located outside of the Gulf, or those that can get through the Strait.
Middle East producers will almost certainly draw on their overseas stock to meet their contractual obligations with buyers.
If the disruption continues, governments will be under increasing pressure to tap into their own reserves. OECD member countries hold strategic petroleum reserves that were created in the 1970s to address supply shocks. According to IEA regulations, countries that import oil net must have stocks equal to 90 days of imports. The U.S. is the largest oil consumer and producer in the world. It currently has more than 400,000,000 barrels of reserves. This is well below the 700 million barrels that it can hold, but since it is not a net energy importer, there is little risk in cutting into its reserves. China is the biggest unknown. According to the IEA, Beijing quietly accumulated vast reserves of oil in recent years. It added an average amount of 300,000 bpd just last year. It hasn't announced any plans to release the stocks yet, but it has told refiners to reduce fuel exports.
UNPRECEDENTED CRISE Global reserves, although ample at the beginning of this crisis are finite. This is a shock: the Strait of Hormuz was never completely blocked before. Even if the Strait of Hormuz were to be reopened tomorrow it would still take weeks to restore finely calibrated supply chain and rebalance markets.
If some Gulf oil production was diverted, it would take more than 100,000,000 barrels of stored oil to offset a disruption in supply of 15,000,000 bpd. A prolonged outage at that rate would quickly erode global stocks.
Paul Horsnell is an independent oil analyst. He said, "It's very difficult for stock to compensate for flows. Especially when the reduction in flows is that large." In the event that stocks are depleted then governments and traders will need to replenish them. This would mean a higher demand for oil, as well as a higher price, in the next year. The Middle East's supply shock has already flipped expectations of a glut to a scenario that is more realistic: undersupply.
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(source: Reuters)