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Spain bans Israel bound weapons ships and aircraft over Gaza
Spain banned Monday ships and aircraft that carry weapons to Israel to enter its ports or airspace in response to Israel's offensive against Gaza. The Israeli Foreign Minister called the measures antisemitic. Spain, which recognized a Palestinian State in May 2024, and has been vocal in its criticism of Israel's action in the Gaza Strip responded to Gideon Saar’s comments by calling back its ambassador in Tel Aviv for consultations. The government of Prime Minister Pedro Sanchez has announced that it will not allow anyone to enter Spain who is directly involved in the "genocide", in Gaza. Israel denies that its actions in Gaza constitute genocide. It is currently fighting a case before the International Court of Justice at The Hague in which it has been accused of genocide. Israel began its attack on the Gaza Strip after Hamas militants, who controlled the territory, had attacked Israeli communities and killed 1,200 people, while capturing over 250 hostages. Saar claimed that Sanchez was using these measures to distract attention from corruption scandals at home. He also announced an entry ban for Sanchez's deputy Yolanda Diz and Youth Minister Sira Regio. Both are members of the hard-left Sumar party, which is the junior partner to Sanchez's coalition. The Spanish Foreign Ministry has said that the entry ban imposed by Israel is unacceptable. It also stated that Sanchez's actions were in line and reflect Madrid's support of peace, human right and international law. Spain is committed to combating antisemitism. It cited the fact that 72,000 Sephardic Jews, descendants of those who were expelled from Iberian Peninsula during the 15th century, have been granted Spanish citizenship. The ministry issued a statement in which it condemned the "terrorist attack in East Jerusalem" that took place on Monday, in which Palestinian gunmen opened up at a bus station, killing six people including a Spaniard living in Israel. (Reporting and editing by Inti Latona and David Latona, Andrei Khalip, Helen Popper and Charlie Devereux)
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China's demand for Russian ESPO crude oil keeps it firm despite increasing western sanctions pressure
The price of Russian ESPO blend crude oil for October loading cargoes remained stable as traders reported on Monday that the strong demand from China and abundant supply offset the growing pressure from Western sanctions. They said that cargoes loaded from the Far Eastern Port of Kozmino were sold for a premium of about $2 per barrel over ICE Brent, on a delivery-basis to Chinese ports. This was a little different from September's levels. Intense Ukrainian drone attacks have struck several major Russian oil refining facilities in the last few weeks. This has led to a decrease in feedstock processing and an increase in crude exports. The price stability is despite the new wave of Western sanctions targeting Russian oil exports. Last week, Britain, the European Union and other countries lowered the price of Russian crude oil from $60 per barrel to $47.60. Buyers were required to submit certifications within 30 days after loading in order to continue to have access to Western shipping and insurance services. The EU has announced its 18th package of sanctions, which includes a blacklist of dozens of entities. These include Indian refiner Nayara Energy as well as several Chinese companies accused of helping Russia to bypass restrictions. The measures tighten control on energy and technology exports, and ban fuels derived from Russian crude beginning in January 2026. Donald Trump, the U.S. president, announced on Sunday that he is ready to implement a second round of restrictions. The EU Council's Antonio Costa also said that new sanctions are being closely coordinated with United States. Traders have noted that Chinese oil demand remains strong, despite the threat of Western sanctions. Chinese buyers will also receive Urals and Arctic crudes via the Northern Sea Route in addition to ESPO. The latest step in the strengthening of financial ties between Beijing, Russia and the United States was taken on Friday when the Chinese rating agency CSCI Pengyuan gave its highest AAA-rating to the Russian oil and natural gas giant Gazprom, which is blacklisted by the U.S. A trader stated that ESPO premiums may soften if U.S. Tariffs drive Indian purchases lower and more oil flows into China. A trader said that because Urals and ESPO are different in quality, increased Urals flow may not have an impact on ESPO prices. Urals is a sour oil, while ESPO can be described as a light and low-sulphur type of oil. (Reporting and Editing by Joe Bavier).
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Rosatom and Gazprom investigate sales of Chinese "panda" bonds
Sources from top Russian companies, including the vast Russian nuclear corporation Rosatom, and giant gas concern Gazprom, are looking at selling "panda bonds" denominated in yuan, according to company sources on Monday. Western capital markets, however, remain closed to Russia. Since Moscow's invasion of Ukraine in 2022, Russian companies are no longer able to access the capital markets of the West. The Financial Times reported Monday that China is preparing to reopen the domestic bond market for major Russian energy companies, as Xi Jinping & Vladimir Putin continue to deepen their partnership "without limits". Putin, who visited China this week, called for a joint financial infrastructure between countries in the 'Global South.' He also suggested that the members of the Shanghai Cooperation Organisation should sell their shares. Joint bonds The Chinese rating agency CSCI Pengyuan has assigned the highest AAA rating to Gazprom. This company holds the largest reserves of natural gases in the world. This opens the door for possible debt issuance on China's bond market. Rosatom, the largest nuclear company in the world, is preparing to also issue bonds denominated in yuan, according to a spokesperson. Ilya Rebrov, the Chief Financial Officer of Rosatom, told a publication in August that in order to raise funds from abroad, the Supervisory Board had approved plans. He also said that preparations were underway for Atomenergoprom's generation unit to issue bonds in Yuan. Atomenergoprom announced in April that it received a "AAA" credit rating from China's Dagong Global Credit Rating Agency with a stable outlook. The Chinese government will need to approve any Russian bonds, and the buyers of Russian corporate Yuan bonds must weigh the risks of secondary sanctions from the U.S. CHINESE BANK BONDS FOR RUSSIAN COMPANIES? According to Deutsche Bank, the market for Panda Bonds, a Chinese Yuan-denominated bonds from a non Chinese issuer, has seen record growth in both 2023 and 2024. This was driven by geopolitical conflicts. Even though the conflict in Ukraine began, only one Russian company - aluminium producer Rusal - sold panda bond. Companies have issued yuan bonds on the Russian market, which is a small and shallow one. The yuan currency has also become the most popular foreign currency in Russia. China's bond market offers a much larger reservoir of capital. Famil Sadygov, Gazprom's deputy CEO, said that the company was "strongly creditworthy" and the rating confirms the financial stability of the company. One source with direct knowledge about the situation said that a long-term issuer ratings on Gazprom would not necessarily result in an issuance of bonds denominated in yuan. "There's no certainty about the bond issue yet. A rating allows you to enter the market if necessary. "This is work for future," said the source. According to Kirill Lysenko, an analyst at Expert RA - Russia's oldest rating agency - the approval process will still take place, but it could take many years. Lysenko stated that "Chinese financial institutions and regulators can be under increased pressure at any time in the form secondary sanctions by major Western economies." Gazprom was given an "AAA" credit rating with stable outlook just after Russia, China and other countries gave their approval to Power of Siberia 2 - a huge gas pipeline linking both countries in a bid to reduce economic dependence on the West. Gazprom is unable to raise finance in the United States and Europe, but it has not been subjected to U.S. blockade sanctions. Rosatom's top management has been sanctioned by the U.S., but Rosatom itself is not subject to sanctions. CSCI Pengyuan cited high geopolitical risk in its analysis of Gazprom’s outlook and rating decision. (Writing and Addirional Reporting by Shanghai Newsroom, Editing by Kevin Liffey; Written by Gleb Bryasnki & Guy Faulconbridge)
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Haaland is cleared by Norway after a freak bus accident that leaves him with a cut lip
Stale Solbakken, the coach of Norway's national team, said that Erling Haaland would be fit to play against Moldova on Tuesday even though he suffered a cut lip after the luggage door of the bus struck him. On Sunday, the Manchester City player was exiting the back of the bus, outside the hotel where the team stayed, when the luggage door opened, striking him in the nose. Haaland revealed his injury on social networks, stating that he needed three stitches. Solbakken, a Norwegian broadcaster, told NRK: "We should have been glad that it went well because this could have actually gone badly." He added, "I think he went to the dental office, had some stitches and stopped the bleeding, but he's fine for the match." Norway is chasing its first World Cup in over 25 years. They have won four of their four qualifying matches, while Moldova are bottom in Group I, with zero points. (Reporting and editing by Christian Radnedge in Gdansk)
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London's Tube system shuts down as workers start a week-long strike
London's Underground rail network halted on Monday, as workers began a strike over pay and conditions of employment. This caused travel disruptions for both commuters and tourists. The underground rail network is expected to be shut down until Thursday. This means that the 3.7 million people who use it daily will have to work from home or find other ways to travel. Forest, which operates 15 000 e-bikes throughout London, reported that it was experiencing four times the demand for its ebikes at 9 am. Some commuters opted for buses or the few remaining train lines, but most reported longer journeys. Laura Sutton, 46 years old, a legal adviser, was standing near London Bridge Station. Transport for London (which operates London's public transport system) said that it offered staff a pay increase of 3.4%, but the union only accepted a deal if the result was a shorter working week. The RMT union stated that the dispute was centered on pay, fatigue management and shift patterns, as well as a reduction of hours. The spokesperson for Prime Minister Keir starmer told reporters that the PM wanted a solution. They said that "Londoners trying to get to their jobs, dropping off their children at school, and businesses who depend on the Tube to bring in work and footfall, will be tired of these strikes." Outside the Tower of London Peter Rolf (58), a German citizen, told his family that they had decided to reduce their two-day London trip to just one day, and spend more time in England. Patricia Ware (75), who visited from near Chicago, U.S.A., said that it took much longer to get to the historic castle. She said, "We found it difficult to get a taxi here." She was still having a great time in London. "Travelling is at best a hassle. So we just go along with it." Reporting by Will Russell. Marissa Davison. Sam Tabahriti. Sarah Young. Andrew MacAskill. Sachin Ravikumar. William James edited the story.
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Freeport LNG Export Plant in Texas to receive more natgas after Monday's outage
According to a filing made by the company with the state's environmental regulators and data from LSEG, a financial firm, Freeport LNG is on track to receive more natural gas at its Texas export plant on Monday. This indicates that a liquefaction station that was shut down on Saturday will likely be back in operation. Freeport LNG is closely watched by the global market because its start-ups and stop-offs often cause price fluctuations. Gas prices in the United States typically fall when flows to Freeport decrease due to a lower demand for fuels from the export facility. Prices in Europe usually rise due to the drop in LNG supply available on global markets. The U.S. futures market was on course to reach a six-week peak on Monday, due to many factors including the anticipated increase in gas flow to Freeport. Prices in Europe, however, rose by about 3%, for reasons that were not necessarily connected to the plant. Freeport informed Texas environmental regulators that Train 1 of the three liquefaction train at its plant shut down on Saturday because there was a problem with its compressor system. Freeport officials had no comment about the latest outage. Freeport has experienced numerous compressor system problems at its plant in the last month. According to the company's filings to regulators, liquefaction train shut down five times due to these issues. LSEG reported that the amount of natural gas flowing into Freeport is on track to hit 1.9 billion cubic foot per day (bcfd), up from 1.8 bcfd Sunday, and a low of 1.4 bcfd Saturday. This compares to an average of 1.8 billion cubic feet per day over the previous seven days. Three liquefaction plants at Freeport can convert about 2.1 billion cubic feet per day of gas to LNG. A billion cubic feet of natural gas can supply five million U.S. households for one day. (Reporting and editing by Scott DiSavino)
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Israeli military claims it intercepted drones launched from Yemen
Israel's military announced on Monday that it intercepted a Yemeni drone after sirens were heard near Eilat. A day earlier, Yemen's Houthis had launched a drone at an airport in the vicinity of southern Israeli city. The military announced that sirens sounded later on Monday in the Negev region after another drone had been detected. The military did not reveal what happened to the drone. Israel's Ramon Airport, near Eilat, has resumed its operations after a drone fired from Yemen hit the arrivals area on Sunday. Since the beginning of the Gaza war, the Houthis, backed by Iran have launched missiles and drones towards Israel thousands of kilometers north. The militant group claims that this is an act in solidarity with Palestinians. Israel responded by bombing Houthi controlled areas in Yemen, including Hodeidah's vital port. (Reporting and editing by Gareth Jones, Helen Popper, and Ahmed Elimam)
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Milei's heavy defeat in Buenos Aires sets the stage for Argentina's market to sell off
The Argentinian markets are on the verge of a further selloff after a heavy defeat in Buenos Aires for President Javier Milei’s ruling party. This is raising concerns ahead of a crucial October election. According to the official results, the Peronist opposition party won the Sunday legislative elections in the province's key region, while the radical reformist Milei party came in second. The scale of Milei's defeat was far beyond expectations, said JPMorgan analyst Diego Pereira. He added that the resounding win for the opposition during the regional contest meant Milei had a much steeper climb ahead as he tries to deliver a successful outcome at the national midterm election on October 26. The administration could recalibrate its political strategy in order to correct missteps made over the past few months. According to the official count, the Peronists have won 46.8% in the province. The candidate from Milei's Party has taken 33.8%. Argentina, one of the biggest reform stories in emerging markets since Milei was elected president in December 20,23, has seen its market come under pressure over recent weeks. Markets were impacted by political woes and economic pressures. The latter included allegations of corruption involving Milei’s sister Karina Milei and a sharp drop in government and consumer confidence. MARKET SELLOFF Since the scandal broke out, Argentina's main stock index has fallen by around 20%. Its international government bonds are also down and the pressure on the newly unpegged peso has forced the authorities to intervene in the foreign exchange market. Investors said that early market indicators priced a 5 to 6-point drop in the international bonds of the country. Viktor Szabo is the portfolio manager of Aberdeen Investments. Morgan Stanley warned that international bonds would fall by up to 10 percentage points if Milei's radical reform agenda was thwarted. JPMorgan stated that the currency was also vulnerable to further weakening, which could force central banks to reduce their FX spot reserve to absorb excess pesos. Wall Street banks, however, said that the election dynamics in the rest of the nation would be different from Buenos Aires – a Peronist hotspot. The Milei government was also expected to adhere to its fiscal discipline programme despite economic difficulties. The PBA election was held amid tightening domestic financial conditions. This included a depreciation in the peso and expectations for a slight increase in inflation in August. It also coincided with a slowdown in economic growth, according to Goldman Sachs' analyst Sergio Armella. The provincial election will have very little impact on the policy mix adopted by the Milei government, but it is a setback in terms of politics for the government.
Trump dislikes Biden's climate law. His allies are generating income from it
Donald Trump has actually guaranteed to gut U.S. President Joe Biden's. environment aids if elected. However much of Trump's allies are. taking advantage of them thanks to huge investments in solar power,. electrical lorries, carbon sequestration, hydrogen and other. clean energy technologies.
Reuters found at least 7 of Trump's close allies and. charity events, or the companies they run, hold hundreds of countless. dollars-worth of stakes in companies that are significant. beneficiaries of the tax breaks embedded in the Inflation. Reduction Act, Biden's signature climate law.
They include Trump's son-in-law Jared Kushner; his former. ambassador to China and continued ally Terry Branstad; and. companies run by informal energy advisor and oil magnate Harold. Hamm and powerful booster Howard Lutnick.
Big oil companies like Occidental Petroleum and. Energy Transfer, whose CEOs hosted a May fundraising event in. Houston for Trump's campaign with Hamm, likewise hold major. investments in projects that may just be feasible if Biden's tidy. energy tax credits make it through.
And Tesla, whose creator and CEO Elon Musk has actually been. improving Trump's campaign, is likewise benefiting massively from the. IRA's EV and solar credits.
Together, these individuals and business hold billions of. dollars in investments that receive the individual retirement account's financially rewarding tax. credits and stand to lose big if Trump is able to follow through. on his promise to gut Biden's climate law, according to Reuters. reporting.
The financial investments are very important due to the fact that they raise the. likelihood some of Trump's allies may ask him to maintain. elements of Biden's climate law if he wins the November election. against Democratic Vice President Kamala Harris. That would include. influential voices to some of the trade groups and legislators. that have actually currently stood up in favor of specific IRA subsidies.
None of individuals or business recognized were. willing to comment for this story on whether they would. intervene to preserve parts of the individual retirement account.
For the time being, Trump's intentions are clear.
My plan will end the Green New Offer, which I call the. Green New Rip-off, and rescind all unspent funds under the misnamed. Inflation Reduction Act, Trump stated when he unveiled elements. of his economic policy platform in a speech in September.
Trump Campaign Senior Advisor Brian Hughes told Reuters a. broad rollback of the IRA stays a leading concern if he wins the. Nov. 5 election, arguing the package has actually contributed to. inflation and broadened the deficit.
Rescinding any part of the individual retirement account would require an act of. Congress.
A group of 18 Republican legislators representing districts. that have drawn IRA-linked financial investments sent a letter to Home. Speaker Mike Johnson in August prompting him against withdrawing all. of the IRA if the party wins control of your home and Senate.
The White Home stated the individual retirement account produced more than 330,000 tasks. and that gutting it would hurt financial investments made in Republican. states.
By some price quotes, more of this investment is taking place in. red and purple states, White Home representative Angelo. Hernandez stated.
The Biden administration has actually currently worked to provide the. large bulk of IRA grants, however the law's tax credits are set. to continue for many years.
Other financiers and business involved in tidy energy. tasks are hopeful that Trump's campaign rhetoric gives way to. usefulness, must he win in November.
Innovators and energy companies we deal with want policy. predictability. They are making numerous millions in. investments due to the fact that of the individual retirement account, said Jeremy Harrell, CEO of. Washington-based conservative clean energy organization. ClearPath.
Frank Wolak, president of the Fuel Cell & & Hydrogen Energy. Association, stated it will be necessary for Congress to safeguard. the tax credits if Trump wins the election.
We're going to simply do some hard informing on the individual retirement account to. our congressional allies, he stated.
ALLIES WITH IRA ADVANTAGES
- MOSAIC
Trump's son-in-law and previous governmental advisor. Kushner's private equity fund Affinity Partners in 2022 invested. $ 200 million in Mosaic, a California-based supplier of financing. for solar energy and home performance enhancements, according to. financial investment information supplier PitchBook.
Established in 2011 as a crowdfunding startup, the business got a. increase from the individual retirement account's 30% tax credit for property solar, as. well as its customer rewards for photovoltaic panels, electrical heat. pumps and other efficiencies by raising consumer interest for. its clean energy loans.
- TOP CARBON SOLUTIONS
Oil tycoon Harold Hamm has actually long been an energy adviser and. political financier for Republican political leaders, consisting of Trump,. and in May hosted a Houston fundraiser for Trump's third. presidential project.
His company Continental Resources in 2022 made a $250. million strategic investment into Top Carbon Solutions, a. carbon capture and sequestration (CCS) project that will capture. CO2 from ethanol plants and other commercial sources in the. Midwest.
That project relies on the 45Q tax credit for numerous types. of CCS, which the individual retirement account increased greatly across the board.
Though the project was proposed before the individual retirement account was checked in. 2022, the enhanced tax credits could yield a $2.9 billion. windfall for Summit's financiers, according to Jake Schwitzer,. director of policy group North Star Policy Action.
Previous Iowa Governor Terry Branstad, who acted as Trump's. ambassador to China and stays a staunch ally, is Top's. primary policy consultant.
- TESLA
Tesla is a huge recipient of IRA tax credits. The. electrical lorry and solar business called the plan a. substantial increase towards accelerating our objective soon. after it passed into law in 2022, in spite of CEO Musk's public. hostility toward aids.
- OCCIDENTAL PETROLEUM
In addition to co-hosting the Texas fundraising event for Trump in. May, Occidental CEO Vicki Hollub went to a separate charity event. comprised of energy executives at Trump's Mar-a-Lago estate in. April. These events generated tens of millions for Trump's. campaign.
Occidental is a recipient of the 45Q carbon capture tax. credit and is a recipient of an Energy Department grant of. nearly $1 billion to construct a direct air capture (DAC) hub to. show that nascent innovation at scale. The company has. touted its technique to market so-called net-zero barrels of. oil.
In May, Hollub stated in a statement to Reuters: I have actually been. speaking with policymakers on both sides of the aisle, and will. continue to talk with them, to express our support for 45Q,. because it will help establish innovations like direct air. capture which eliminate carbon dioxide emissions from the. atmosphere and safeguard America's energy security.
- ENERGY TRANSFER
Energy Transfer's CEO Kelcy Warren is a long-time supporter. of Trump. The pipeline operator also takes part in projects. supported by IRA tax credits, including two organized Louisiana. CCS hubs, and a hydrogen hub in Texas that just recently won just. over $1 billion in Energy Department funding.
- CANTOR FITZGERALD
Trump's transition team co-chair Howard Lutnick is the. CEO of Cantor Fitzgerald, a major monetary services company that. has actually made substantial investments in business that benefit from. the individual retirement account.
As shift co-chair, Lutnick is playing an essential role in the. search for top-level appointees to staff a possible Trump. administration, and he has actually likewise functioned as a high-dollar. charity event for Trump.
Amongst the companies that Cantor Fitzgerald has invested in. that have benefited considerably from the individual retirement account are Invenergy, a. renewable energy company that is the top constituent of the Cantor. Fitzgerald Facilities Fund.
The infrastructure fund has over $150 million in total web. possessions, according to a July news release, and its financial investment in. Invenergy consists of 14.65% of that fund's overall investments.
The fund is likewise heavily invested in NextEra Energy,. the biggest U.S. renewable resource designer.
Both companies have praised the IRA as practical to their. businesses.
Cantor Fitzgerald has over $13 billion in possessions under. management and offers a broad selection of financial services.
(source: Reuters)