Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Ogale and Bille villagers say Shell oil operations have caused severe pollution including to their drinking water
Two Nigerian communities can bring their legal claims for a cleanup and for compensation against the oil company Shell and its Nigerian subsidiary in an English court, supreme court judges have said.
In what lawyers said was a “watershed moment” for the accountability of multinational companies, on Friday the court overturned a decision by the court of appeal, and ruled that the cases against Shell could proceed.
The struggling Texas-based video game store chain has been the focal point of a battle by small traders, using forums such as Reddit, to punish Wall Street hedge funds that have bet on certain stocks falling in value. GameStop shares hit a high of $482 last Thursday but slumped to $80 shortly after the market opened. They recovered to $117 by mid-session, but closed down 60% at $90.
Neil Wilson of Markets.com suggests that large investors may also be driving the silver price rally, rather than it simply being caused by retail traders.
He also warns that such speculation is risky, and usually ends badly for some of those who get caught up:
The fact that such a large and liquid market as silver can be targeted by retail investors says much about the shift we are witnessing, though despite appearances this morning it’s going to a lot harder to squeeze silver shorts as the market is so much deeper and more liquid.
We should also note that some bigger smart money may have be front-running this trade to piggyback the rally and further fuelling the move up. (George Soros: “When I see a bubble forming, I rush in to buy, adding fuel to the fire.”)
Allianz’s Mohamed El-Erian has tweeted that GameStop and silver are not the same kind of short squeeze trade (as some WallStreetBets posts have also been pointing out).
El-Erian also cautions that the silver squeeze could undermine the squeeze on hedge funds who shorted GameStop’s shares, as the GME trade depends on keeping retail investors on board (rather than selling to the hedge funds).
.#GameStop and #silver are not the same for those pursuing the short squeeze trade The silver market is much larger; Existing shorts are smaller; Some of the #HedgeFunds that are short #GME are said to be long silver Bottom line: A dissimilar trade that eats away at #GME gains https://t.co/TMfpkr7QDE
Boosted iron ore prices due to anxious markets are likely to help federal budget’s bottom line, Deloitte says
Australia’s losses from trade tensions with China are being offset by rising iron ore prices, according to new analysis, which also predicts the Morrison government will announce a smaller budget deficit than originally forecast.
Deloitte Access Economics said Chinese government moves against wine, beef, barley, lobsters and thermal coal have cost Australia money “but we’ve more than made that up in overall terms thanks to iron ore – and the taxman will be a considerable beneficiary of that”.
Stars follow Bob Dylan’s lead as streaming boom and Covid-19 upheaval fuels gold rush in song rights
Bob Dylan just made more than $300m (£227m) doing it, Dolly Parton says she might do the same, while the singer-songwriter David Crosby says he is being forced to do it. Musicians are queuing up for big paydays by selling the publishing rights to their songs, as the streaming boom and industry upheaval wrought by the Covid-19 pandemic redefines the economics of music.
Dylan’s surprise move this week to sell the publishing rights to his 600 songs, from Blowin’ in the Wind to Knockin’ on Heaven’s Door, was described by the buyer, Universal Music, as one of the most important deals of all time.
Bloc defers decision on trade tariffs and arms until consultation with Biden administration
EU leaders have agreed to impose sanctions on an unspecified number of Turkish officials and entities involved in gas drilling in Cypriot-claimed waters – but they deferred bigger decisions such as trade tariffs or an arms embargo until they have consulted with the upcoming Biden administration.
The decision reached by the EU council after hours of heated debate disappointed hardliners such as France, Cyprus and Greece, which had pressed for more urgent and substantive action to express EU disapproval of Turkish foreign policy.
Decision as part of plan to phase out fossil fuel extraction by 2050 will put pressure on UK
Denmark has brought an immediate end to new oil and gas exploration in the Danish North Sea as part of a plan to phase out fossil fuel extraction by 2050.
On Thursday night the Danish government voted in favour of the plans to cancel the country’s next North Sea oil and gas licensing round, 80 years after it first began exploring its hydrocarbon reserves.
Despite good vaccine news and price rises, the cartel could still meet a few bumps in the road – some of them of its own making
When oil ministers from the world’s largest fossil-fuel nations meet via webcam this week to make decisions about the global oil market in 2021, they could be forgiven for indulging in a little early festive cheer.
Oil prices have more than doubled since tumbling below $20 a barrel and hitting 21-year lows during “black April” – when Covid restrictions brought major economies to their knees, and caused what is thought to have been the worst month in the history of the oil industry.
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.
Study calls for more rights for indigenous reserves as rising gold price attracts more miners
A new report has exposed the scale and impact of mining on indigenous reserves in Amazon countries as gold prices soared during the Covid-19 pandemic. More than 20% of indigenous lands are overlapped by mining concessions and illegal mining, it found, covering 450,000 sq km (174,000 sq miles) – and 31% of Amazon indigenous reserves are affected.
The report, released on Wednesday by the World Resources Institute, said indigenous people should be given more legal rights to manage and use their lands, and called for better environmental safeguards. As pressure mounts over the issue, a leading Brazilian thinktank has called for regulations tracing gold sold by financial institutions.
Clashes between Isis-linked militants, government troops and mercenaries have displaced 200,000 in mineral-rich Cabo Delgado
For decades a forgotten corner of Mozambique, Cabo Delgado has now become the country’s El Dorado, promising billions in natural gas and gemstones but delivering its population only violence and displacement.
An insurgency in the province now threatens to become further entrenched – 50,000 people have fled their homes since March and Mozambique’s neighbours are currently debating sending in regional forces to help defeat militants who seized a strategic port in the town of Mocímboa da Praia last month.
Cave-in occurred at artisanal mine, in an industry where fatalities are common
At least 50 people are thought to have died when an artisanal gold mine collapsed near Kamituga in the east of the Democratic Republic of Congo, a local mining NGO said.
The cave-in occurred on the Detroit mine site at around 3pm local time (13.00 GMT) on Friday following heavy rains, said Emiliane Itongwa, president of the Initiative of Support and Social Supervision of Women.
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.
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.
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.
Some people seem to be above the law. Those people do not include the whistleblower and his lawyer, Bernard Collaery
Timor-Leste only achieved independence in 2002. It was Asia’s poorest country and desperately needed revenue. Revenue from massive gas resources in the Timor Sea was its big hope. But it needed to negotiate a treaty with Australia on their carve-up. Australia ruthlessly exploited that fact: delays from the Australian side in negotiating a treaty for the carve-up of those resources, and repeated threats of more delays, were a constant theme of the negotiations. In November 2002 the former Australian foreign minister Alexander Downer told Timor-Leste’s prime minister, Mari Alkatiri: “We don’t have to exploit the resources. They can stay there for 20, 40, 50 years.” In late 2003 Timor-Leste requested monthly discussions. Australia claimed it could only afford two rounds a year. Poor Timor-Leste offered to fund rich Australia’s expenses. Australia didn’t accept.
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.
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.
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.
Here in Britain, roughly one in three furloughed workers returned to work in the first two weeks of July, when pubs, bars, restaurants and hotels reopened, official data from the Office for National Statistics showed today.
Businesses surveyed between 29 June and 12 July said 7% of their staff had returned from furlough within the past fortnight, while 17% remained on leave. The government-funded job retention scheme pays 80% of their salaries and covers more than 9 million people at the moment, about a third of the private-sector workforce. But it will be scaled back from Saturday and come to an end on 31 October.
Here is our full story on Airbus. The Toulouse-based planemaker has been hit hard by the collapse in air travel, and received only eight new orders between April and June, compared with 290 in the first quarter.