Stock market rally pushes Dow Jones to record high of 30,000

  • Dow rallies by 450 points to close above 30,000 for first time
  • Investors cheer hopes of vaccine and smooth Biden transition

The Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.

The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.

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Chad halts lake’s world heritage status request over oil exploration

Exclusive: African state says it has agreements with oil companies in Lake Chad area

Chad has asked to suspend an application for world heritage site status for Lake Chad to explore oil and mining opportunities in the region, it can be revealed.

In a letter leaked to the Guardian, Chad’s tourism and culture minister wrote to Unesco, the body which awards the world heritage designation, asking to “postpone the process of registering Lake Chad on the world heritage list”.

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I lived the climate crisis every day of my childhood. This November, I’ll vote on it | Jessica Díaz Vázquez

Chemical headaches, plant sirens – these were the constant background to my home and school life. My community is on the climate frontline

My teacher first taught me about global warming in the third grade. She explained how an increase in greenhouse gases increased the amount of heat that could be trapped in our atmosphere. We discussed how climate change is melting the ice caps polar bears call home, leading to their extinction. We didn’t discuss how the climate crisis was already at our homes.

I grew up with the smell of freshly made salsa from chiles picked from our backyard garden, the bright colors of fruit gifted to us by neighbors, and the sound of off-key singing to Joan Sebastian and Selena Quintanilla. At school, my friends and I slipped between English and Spanish, moving between the topics of our English essay to la quinceañera de nuestra mejor amiga with ease. But looming over my vibrant community was, and is, the fossil fuel industry.

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Erdoğan warns Macron: ‘Don’t mess with Turkey’

Turkish leader hits back after criticism from French president over warship deployment

The Turkish president, Recep Tayyip Erdoğan, on Saturday warned his French counterpart, Emmanuel Macron, “not to mess” with Turkey, as tensions between the Nato allies escalated.

“Don’t mess with the Turkish people. Don’t mess with Turkey,” Erdoğan said during a televised speech in Istanbul on the 40th anniversary of the 1980 military coup.

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‘War on plastic’ could strand oil industry’s £300bn investment

Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels

The war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.

Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels.

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Norway plans to drill for oil in untouched Arctic areas

Critics say plan for fields off Svalbard threatens ecosystem and relations with Russia

Norway is planning to expand oil drilling in previously untouched areas of the Arctic, a move campaigners say threatens the fragile ecosystem and could spark a military standoff with Russia.

A public consultation on the opening up of nine new Norwegian oilfields closed on Wednesday. The areas in question are much further north in the Arctic than the concessions the US president, Donald Trump, announced for Alaska this month.

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Crews prepare to sink Mauritius spill ship despite opposition

MV Wakashio has split in two and leaked 1,000 tonnes of oil into the water since it ran aground

Salvage crews were preparing to sink a Japanese-owned ship that ran aground off Mauritius, despite opposition from environmental campaigners.

The MV Wakashio broke into two on Saturday, almost three weeks after hitting a reef and spilling 1,000 tonnes of oil into idyllic waters full of marine life.

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UN-supported Libya government and rival authority call ceasefire

Development raises hopes of political solution as both sides call for end to oil blockade

Libya’s UN-supported government has announced a ceasefire across the oil-rich country and called for the demilitarisation of the strategic city of Sirte, which is controlled by rival forces.

In a separate statement Aguila Saleh, the speaker of the rival House of Representatives in the east, also called for a ceasefire. The announcements came amid fears of an escalation in the more than nine-year-old conflict.

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Grounded carrier off Mauritius breaks apart risking ecological disaster

Battle is on to remove fuel oil from Japanese vessel the MV Wakashio as weather worsens

A Japanese bulk carrier that ran aground on a reef in Mauritius last month threatening a marine ecological disaster around the Indian Ocean island has broken apart, authorities said on Saturday.

The condition of the MV Wakashio was worsening early on Saturday and by early afternoon, it had it split, the Mauritius National Crisis Committee said.

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Seven top oil firms downgrade assets by $87bn in nine months

Thinktank says changes to forecasts reflect accelerated shift away from fossil fuels

The world’s largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.

In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future oil market prices, triggering a wave of downgrades to the value of their oil and gas projects totalling $87bn.

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European banks urged to stop funding oil trade in Amazon

Indigenous people in headwaters region say financing harms communities and ecosystems

Indigenous people living at the headwaters of the Amazon have called on European banks to stop financing oil development in the region, as it poses a threat to them and damages a fragile ecosystem, after a new report found $10bn in previously undisclosed funding for oil in the region.

The headwaters of the Amazon in Ecuador and Peru are home to more than 500,000 indigenous people, including some who choose to live in voluntary isolation. The area, covering about 30m hectares (74m acres), hosts a diverse rainforest ecosystem, but it is threatened by the expansion of oil drilling.

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Stock markets boom as hopes rise for US economic stimulus and Covid-19 vaccine

S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism rebounds

US stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.

The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid afternoon to leave it just 16 points short of the all-time high reached in February.

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Mauritius calls for urgent help to prevent oil spill disaster

Stranded oil tanker is breaking up, threatening even greater ecological devastation

People living in Mauritius have described the devastation caused by an oil spill from a stranded tanker and called for urgent international help to stop the ecological and economic damage overwhelming the island nation.

More than 1,000 tonnes of fuel has already seeped from the bulk carrier MV Wakashio into the sea off south-east Mauritius, polluting the coral reefs, white-sand beaches and pristine lagoons that attract tourists from around the world.

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Gaddafi’s prophecy comes true as foreign powers battle for Libya’s oil

A showdown looms in the fight for control of the country – with Africa’s largest oilfields as the prize

In August 2011, as Libya’s rebels and Nato jets began an assault on Tripoli, Colonel Muammar Gaddafi delivered a speech calling on his supporters to defend the country from foreign invaders.

“There is a conspiracy to control Libyan oil and to control Libyan land, to colonise Libya once again. This is impossible, impossible. We will fight until the last man and last woman to defend Libya from east to west, north to south,” he said in a message broadcast by a pro-regime television station. Two months later, the dictator was dragged bleeding and confused from a storm drain in his hometown of Sirte, before being killed.

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Shell reports $18bn loss as global oil and gas prices collapse

Energy giant hit by massive change in fortunes as Covid-19 crisis forces writedown in asset values

Royal Dutch Shell has reported a deep financial loss after a record writedown on the value of its oil and gas assets due to the collapse in global market prices triggered by coronavirus.

The Anglo-Dutch oil giant revealed a net loss of $18.3bn (£14.1bn) for the second quarter 2020, down sharply from a net profit of $3bn over the same period last year and $2.7bn in the first three months of 2020.

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UK could face lawsuit over $1bn aid to Mozambique gas project

Government accused of hypocrisy for backing scheme while claiming to be leading on climate

The UK government could face a legal battle after offering more than $1bn in financial support to help build a gas project in Mozambique despite its commitment to tackling the climate crisis.

Under the deal, UK taxpayer funds will be used to help develop and export Mozambique’s gas reserves, in one of the largest single financing packages ever offered by a UK credit agency to a foreign fossil fuel project.

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Petrol sold to Nigeria from Europe ‘dirtier’ than black market ‘bush’ fuel

Samples from illegal refineries in Niger delta found to be of a higher quality than imported petrol in new analysis

Black market fuel made from stolen oil in rudimentary “bush” refineries hidden deep in the creeks and swamps of the Niger delta is less polluting than the highly toxic diesel and petrol that Europe exports to Nigeria, new laboratory analysis has found.

Shell, Exxon, Chevron and other major oil companies extract and export up to 2m barrels a day of high quality, low sulphur “Bonny Light” crude from the Niger delta. But very little of this oil is refined in the country because its four state-owned refineries are dysfunctional or have closed.

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Chesapeake Energy, fracking pioneer, files for bankruptcy owing $9bn

The Oklahoma City-based company helped turn the US into a global energy powerhouse but ran up huge debts in the process

Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection.

The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable.

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