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US Senate Democrats ask Postal Service to stop work on new mail-in voting regulations
The?U.S. Postal Service was urged by lawmakers to halt the work on new mail-in voting rules. Postal Service ordered the halt to "work" on new rules for mail-in voting, Friday. In a letter to the USPS, Senator Gary Peters from Michigan and six other Democrats on the Senate's Homeland Security and Governmental Affairs Committee wrote: "The Postal Service’s continued illegal efforts to transform itself into an electoral administration agency under the direction of President Trump risk disenfranchising American voters and threatening the integrity of the upcoming elections." On Thursday night, the Trump administration requested that the Supreme Court allow it to enforce a new USPS rule restricting the use mail-in votes. USPS didn't immediately comment. The Democratic Senators -- Peters, Richard Blumenthal, Maggie Hassan, Andy Kim, Elissa, Slotkin, and John Fetterman, all of Pennsylvania, and Ruben, Gallego, of Arizona -- warned that the "verification" system planned by USPS "could collapse the absentee voting system, and disenfranchise millions of Americans." U.S. district judge Indira Talwani issued an order temporarily prohibiting the USPS to enforce the new rule. The USPS adopted the new rule following an executive directive by the Republican President restricting mail-in votes. USPS regulations would require new standards for voter data and ballot envelopes, and could refuse delivery of any ballots that did not meet these requirements. Critics say this could lead to thousands of votes being invalidated as the election date of November 3 draws near. Republicans are in a fierce battle to "retain" control of Congress during the elections. Critics claim that restricting mail in ballots would benefit Republicans more than Democrats, since Democratic voters are traditionally more likely to mail in ballots. The new USPS rule requires that states provide the postal service with lists of voters who will be receiving mail ballots. They must also use envelopes for outgoing and return mail ballots which are approved by the agency, and have barcodes. Postal?services could refuse to send ballots that don't comply with new standards, or are associated with voters not listed on the list. Trump has cast doubts on the security of mail-in votes for years, even though evidence of voter fraud in rare. Trump has falsely claimed that widespread fraud is occurring in U.S. election, including his loss to Joe Biden as former Democratic president in 2020.
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Norway will help Russians stuck in Arctic after ship seize, says government
Norway's foreign ministry said on Friday that it would provide the necessary assistance to Russians in the Arctic Svalbard Islands following the arrest of a ship carrying passengers and supplies to the archipelago. The Norwegian court ordered this week the seizure of the Professor Molchanov Cruise Ship in Svalbard on behalf of an Ukrainian company involved in legal disputes, leaving its passengers and crew stranded and leading Moscow accuse Norway "piracy". Norway's Foreign Ministry said that they were complying with their international obligations by protecting Russian citizens in Svalbard. Statistics Norway reports that the town of Barentsburg is where the ship is docked. It is one of two Russian settlements in Svalbard, with a total of 392 residents. The ministry said that Russian companies receive regular'sanctions relief' to allow them to import food and other essential goods to the islands. According to Cruisemapper's website, the 71-metre-long Professor Molchanov has 32 crew members and 52 passengers. It also features a bar, a sauna, a library and two restaurants. The vessel is used both for commercial cruises and scientific expeditions. The seizure of the assets was ordered by a court on behalf Naftogaz - a Ukrainian energy company - which is seeking to enforce a compensation award of $4.22 billion for 'assets Moscow took in 2014 when it annexed Crimea. Russia plans to appeal this ruling.
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What is Ukraine's SBU Security Agency?
On Friday, Russia launched a drone at the Security Service of Ukraine's (SBU) headquarters in central Kyiv. Ukrainian authorities called it the latest in a series of war escalations. The following are key facts about the organization. What is the?SBU? SBU is an enigmatic and powerful organisation which emerged from the Ukrainian branch KGB of Soviet times when Ukraine became independent in 1991. The SBU has broad powers over matters of domestic security. It has been involved in combat since the Russian invasion of 2022, and it is now investigating war crimes, countering a cyberattack, conducting counterintelligence, and catching Russian agents. Alpha special forces have also conducted drone attacks against Russian military hardware in the field as well as on oil refineries and other military installations deep within Russia. They've also used sea drones against tankers transporting Russian oil. Authors of 'Operation Spiderweb' It has claimed to have carried out some spectacular wartime operations against Russia. For example, it used a truck bomb to attack Russia's bridge into the occupied Ukrainian peninsula Crimea in 2022. Last year, the organization masterminded a sophisticated '2025 drone strike, codenamed Spiderweb. It targeted a number of Russian strategic air-bombers deep within Russia. It is widely regarded as being a key player in the covert campaign to assassinate senior Russian military figures and others who are blamed by Ukraine as having committed war crimes. Russia has called these killings terrorist attacks. Who is in charge of the?SBU? According to President Volodymyr Zelenskiy, the agency is headed by Oleksandr Pklad. His office was the target of the drone which hit the SBU headquarters in Kyiv last Friday. Poklad was not hurt, according to the agency. He was appointed in July. How big is the SBU? During the war, the SBU grew in size. The SBU's size is secret, but the maximum number of employees it can have in wartime is 41,000. The figure is probably in the same ballpark. Last year, the legislative cap was raised from its previous threshold of 31,000 personnel during wartime. BITTER RIVALRY WITH MILITARY INTELLIGENCE The 'SBU' has had a long-standing rivalry with Ukraine's military spy agency, the Main Intelligence Directorate. This week, a dispute between the two organisations escalated into a shooting in Kyiv that left several military intelligence officers injured. Zelenskiy ordered an investigation to determine what happened.
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Portugal asks Air France, KLM and Lufthansa to improve their offers for TAP sale
Portugal's government asked rivals Lufthansa and Air 'France-KLM to submit better offers for a'minority stake' in the 'flag carrier TAP', starting a final round of negotiations, after judging that both groups' first bids were too similar to choose one. In July, both European airline groups made binding but undisclosed offers to purchase a 44.9% stake in TAP. They also offered to become TAP's strategic partner. The?government received the assessment of the offers from Parpublica, the state-owned holding company. Leitao Amaro stated that the two binding offers "differeced in their content but were rated as being broadly similar overall". He told reporters that after a cabinet session, "we have decided to start a final round?of negotiations lasting a few weeks. During?this time we expect bidders to increase their offers." Portugal has revived its long-delayed TAP privatisation in July 2025. It is looking for a strategic investor who can expand the airline's reach internationally and increase its competitiveness. The winning bidder will have the option of acquiring any shares that are not claimed by employees. TAP's biggest attraction is its?valued?slots connecting its Lisbon hub to Brazil, Portuguese-speaking African nations and the United States. These routes are important for Portugal's diaspora and tourism, as well as investment. The government has asked that the future strategic partner of TAP support growth in Portugal's airport system, strengthening operations and connectivity, not only in Lisbon, but also in Porto and Faro and in the Azores and Madeira. The government can sell the remaining 50% stake in the company to the strategic investor.
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Son of Sri Lanka's ex-president arrested on corruption charges
A top court in Sri Lanka announced on Friday that the son of former President Mahinda Rajapaksa was arrested and remanded to a prison until September 18 for alleged graft related to purchases of Airbus aircraft by SriLankan Airlines. Namal Rajapaksa is a member of the opposition Sri Lankan Podujana peramuna. He was arrested after more than five hours?of questioning from Sri Lanka's main anti-corruption body, the Commission to Investigate Allegations Of Bribery Or Corruption. The order remanding?him came from Colombo Chief Magistrates?Asanga?S. Bodaragama. Rajapaksa has consistently denied any wrongdoing. His lawyers weren't immediately available to comment. His arrest is part a ongoing investigation into a multimillion-dollar purchase made by Airbus in 2013 of planes. Airbus sent a delegation to Colombo, Sri Lanka in August 2013 to help with the investigation. Airbus has reached a pact with French, British and U.S. officials in 2020 following a three-year investigation into allegations of bribery over jetliner sales. The?case was settled with a $4 billion fine. SriLankan Airlines & Airbus did not respond immediately to a comment request.
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UAE shares rise as PMI shows solid growth for August
The stock markets of the United Arab Emirates rose on Friday, after a survey showed that the non-oil sector in the country grew at a steady pace in August. This was due to higher output and new business expansion. The S&P Global UAE Purchasing Managers' Index?rose from 52.7 to 55.3 in?August. Dubai's main stock index gained 0.7%, with broad gains. The blue-chip developer Emaar Properties rose by 2.2%, while low-cost carrier Air Arabia grew by 2.1%. Air Arabia announced that it would increase the frequency of its Bangkok flights by adding four daily flights to Sharjah. Abu Dhabi's benchmark Index advanced 0.5%. This was aided by a 1.5% rise in 'UAE's biggest lender First Abu Dhabi Bank, and a a 1.2% increase in 'Abu Dhabi Commercial Bank'. Aldar Properties' shares jumped 1.6% after completing mortgage finance on an off-plan home for its customers through the newly launched framework of Abu Dhabi Real Estate Centre (ADREC). By 1139 GMT, oil prices -- which are a major catalyst for the Gulf financial market -- had fallen?0.45%.
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Chinese shipper COSCO denies that its vessels were spied on for Beijing
COSCO, the state-owned Chinese shipping company, has denied allegations that it used hidden equipment on its vessels to gather intelligence for Beijing. The claims were called "totally false" and "unfounded". On Tuesday, the?report? cited two senior Trump Administration officials that COSCO had used the equipment to spy military communications near coastlines of countries including the United States. The officials, who spoke on condition ?of anonymity, said COSCO has a decades-long intelligence-collection partnership with Beijing, ?which allows China to collect communication signals from vessels and aircraft ?operating across Europe, North America and Asia. In a?statement, the?company stated that "COSCO SHIPPING adheres to market-oriented operation and compliance practices across all of our global businesses." It said: "All communications, navigation, safety, and operational equipment installed aboard our vessels are used exclusively for legitimate commercial purposes including navigation safety, Ship-to-Ship Communications, and Emergency Response." COSCO said that the equipment on its ships was not used to intercept military communications or gather intelligence. Beijing has not yet confirmed the date of the visit. The summit will likely focus on a number of sensitive trade and security issues. China's embassy in Washington previously said Beijing would not ask any company or person to "collect data, information or spying located abroad that is against local laws."
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Will Trump's restrictions regarding mail-in votes be in effect for the midterm elections?
The administration of President Donald Trump asked the U.S. Supreme Court on Thursday to let it enforce a new U.S. Postal Service rule tightening use of mail-in votes has left states in limbo about whether or not they'll be required to implement this for the November 3,?midterm election. As deadlines for U.S. state mail ballots near, the uncertainty is growing. Trump's Republicans are defending narrow majority in both chambers. North Carolina, the first to do so, was expected to mail out its ballots this Friday. Here is a description of the ruling, the current court case and the possible next steps. WHAT DOES THE NEW RULE DO? Trump signed an executive directive in March that required states to provide the U.S. Postal Service lists of mail-ballot recipients and barcodes unique to each envelope. The order states that USPS must only deliver mail-in ballots to those voters who are on the approved list of each state. Trump has cast doubts on the security and reliability of mail-in ballots for years. He has also falsely claimed that the fraud in the 2020 election resulted in his defeat. Trump has voted regularly by mail. Democratic Party officials claim that their supporters will be disproportionately impacted by the restrictions because Democrats are more inclined to vote via mail than Republicans. They also say the measures could disenfranchise eligible voters. According to the MIT Science Lab, 37 percent of Democrats cast their ballots by mail during the 2024 elections, while only 24% of Republicans did. What has happened in the Courts? Legal challenges were filed against the executive order by Democratic Party officials, Democratic states and voting rights organizations. The lawsuits claimed that the USPS did not have the authority to reject mail-in ballots, and that Trump's order violated the U.S. Constitution's?authority to administer elections' granted to individual states. On June 25, U.S. district judge Indira Talwani in Boston blocked the implementation of the executive orders for the Democratic-led States that sued. And on August 11, she effectively extended that order, preventing USPS to implement?its?new rule nationwide. The U.S. Supreme Court ruled last month that Talwani’s June executive order was invalidated because the states brought their challenges before the USPS had released its finalized rule outlining how it would implement Talwani’s order. The Supreme Court, where conservatives have a 6-3 majority of justices, has left the door wide open for states to sue once again. States and groups then renewed challenges, arguing the case was ready for adjudication because the USPS had issued a finalized rule on August 22, 2008. Talwani once again prevented the USPS from implementing this rule. The Trump administration requested the Supreme Court on Thursday to reverse Talwani’s latest order. It was a strange move, since the 1st U.S. The Circuit Court of Appeals has not yet ruled on the Justice Department's appeal of Talwani's ruling. The Democratic Party has challenged this rule separately in Washington, D.C., Federal court. What will the state election officials do? Many state election officials have stated that they will not be able to upgrade their systems to meet the USPS rules in time for the midterm elections. The online portal through which states could upload their lists has not yet been activated, but many state election offices have already printed their envelopes and ballots. Sam?Hayes (executive director of the North Carolina State Board of elections) told reporters Thursday that county officials will mail out ballots as scheduled on Friday. Hayes stated that the USPS has already approved the design for the state's envelopes. "We are watching what the court does." Hayes stated that if anything changes we will be compliant. How is the Trump Administration responding? In court documents, the Justice Department stated that the USPS had the authority to implement the rule and that it was up to each state to decide who would be eligible to vote. USPS has stated that it will help states comply with this rule. According to a whistleblower's complaint made public by the U.S., USPS is meanwhile moving?forward in building the online portal. This week, Senator Richard Blumenthal, a Connecticut Democrat senator, made a complaint. The whistleblower claimed that design flaws could lead the USPS to refuse to send ballots to eligible voter. A USPS official stated in a court document on Thursday that the service is continuing to refine the portal and that it could be available to states who wish to use it voluntary next week.
Andy Home: The crisis of aluminum in the ROI: War, tariffs, and a market that is running out of products.
The Iran War is triggering a global crisis on the?aluminium markets, with potentially devastating effects in sectors such as construction, packaging and transport.
Even if war ended tomorrow, it would take Emirates Global Aluminium up to one year to recover from damage caused by a missile attack?on the Al Taweelah Smelter last month.
Aluminium Bahrain, which is the largest single-site production facility outside of China, was also hit. However, the extent of the damage is not known at this time. Alba and Qatar Aluminium had both reduced production prior to the attack due to power shortages.
The Strait of Hormuz is severely restricted, and the production loss could increase as smelters exhaust their raw material stocks.
According to Wood Mackenzie, the global market could face a deficit of up 4 million metric tonnes this year.
Western buyers will be the ones to bear the brunt of this massive supply cut and policymakers may have to make some tough choices in the coming weeks if they wish cushion the impact.
THINK INVENTORY COVER
In the past, markets could have turned to "the London Metal Exchange" (LME) if they needed extra metal. In the early part of last decade, the registered inventory was over 5 million tons.
LME stock has since decreased to less than 400,000 tons, with another 100,000 tonnes sitting in the "off-warrant" category.
CME warehouses were also raided. The total deliverable stock has fallen by 70% since January and now only amounts to 1,864 tonnes.
These figures are misleading. Russian metal, that many Western users cannot use because of sanctions imposed following the invasion of Ukraine is accounted for by 270,000 tons in the LME's registered inventory at the end March.
The non-Russian component has been the subject of a dispute between traders. In the first week in March, someone cancelled 98,000 tonnes of Indian aluminium registered on the LME. However, last week time spreads were so high that they had to re-warrant a large portion of it.
The benchmark spread between three-month cash and the benchmark cash
Power Constraints
The idle smelter capacities, especially in the U.S., and Europe, could theoretically be reactivated to help relieve the pressure on metal supplies.
During previous energy crises, however, the majority of this capacity has been taken offline. Electrolysis is used to produce metal in smelters. A typical smelter can consume as much energy as a city of the size Boston.
It seems unlikely that much of the capacity mothballed will be restored, given the impact the Iran War has had on energy prices.
Even before hostilities began in the Gulf, a global shortage of affordable energy was forcing many more closures.
In March, the Mozal Aluminium Smelter, which is owned and operated in majority by South32 Australia, was put on care and Maintenance after it failed to secure a commercially viable power supply contract.
Wood Mackenzie says that even if you allow for increased recycled production, and the softer demand caused by the energy impact on manufacturing activities, there is still a significant deficit in the global aluminum market over the next year.
UNPALATABLE CHOICES
The West will be most affected by this deficit, forcing governments to make unpalatable decisions.
Two countries can help reduce the shortfall.
China is the largest producer of aluminium in the world. China is a major producer of semi-manufactured metals such as wire, rod and?plate.
The rest of world has spent the past decade building trade barriers to stop the Chinese exports, accusing Beijing that it is undermining its competitors.
Western aluminum users do not need more Chinese products at low prices. They require primary metals and alloys.
The only remaining country is Russia, which is the producer of both primary metals and the variety of alloys with added value produced in the Gulf.
After the 2022 invasion, Japanese manufacturers have already started to show signs of returning to Russian supplies.
U.S. buyers and European buyers will need to follow suit.
President Donald Trump has increased import tariffs on aluminium to 50%, which is a further aggravating factor in the United States.
The cost of imported ingot has risen to more than $2,500 per tonne above the LME price. This is a four-year high of $3,580 a tonne.
This is a cost-price equation for the time being. The longer the Gulf disruption continues, the quicker stocks will deplete.
It may eventually stop being a matter of price and become more of a concern of having enough metal for manufacturing orders.
Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
(source: Reuters)