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July
Kremlin hopes Biden will not seek to turn Saudi Arabia against Russia
Written by Nur Yasmin
The Kremlin said on Wednesday that it hoped President Joe Biden's visit to Saudi Arabia would not be used to try to foster anti-Russian relations, just as the United States seeks to convince Riyadh to boost oil production amid soaring prices.
White House national security adviser Jake Sullivan said on Monday that Biden will make the case for greater oil production from OPEC nations to bring down gasoline prices when he meets Gulf leaders in Saudi Arabia this week.
Kremlin spokesman Dmitry Peskov also said that Russia, the world's second largest oil exporter after Saudi Arabia and the world's biggest exporter of natural gas, highly valued cooperation with Saudi Arabia within the framework of OPEC+ group of world's leading oil producers.
"We are within the framework of the OPEC + agreements, and we highly appreciate the work that we manage to do with our partners, including with leading partners such as Saudi Arabia," he told a daily conference call with reporters.
"We highly appreciate our relations and our interaction with Riyadh and we certainly hope that the building of relations and the development of relations between Riyadh and other world capitals will in no way be directed against us."
As the world faces one of the worst energy supply crunches since the Arab oil embargo in the 1970s, Biden has repeatedly urged the OPEC+ and its kingpin Saudi Arabia to lift oil production faster than the group is already doing.
But major Gulf producers have little spare production capacity.
Oil and gas exports, which constitute a significant share Russia's state budget income, are the centrepiece of Moscow's response to the sanctions the West has imposed over the conflict in Ukraine.
President Vladimir Putin warned the West on Friday that continued sanctions against Russia over the conflict in Ukraine risked triggering catastrophic energy price rises for consumers around the world.
Putin says the West has fomented a global economic crisis with soaring inflation by imposing sanctions for what he calls a "special military operation" in Ukraine. (Reuters)
July
Turkey, Russia, Ukraine, U.N. set to meet on grain exports
Written by Nur Yasmin
A Russian military delegation arrived in Istanbul on Wednesday to meet their Ukrainian and Turkish counterparts and U.N. officials for talks on resuming exports of Ukrainian grain from the Black Sea port of Odesa as a global food crisis worsens.
Turkey has been working with the United Nations to broker a deal after Russia's Feb. 24 invasion of Ukraine sent prices soaring for grains, cooking oils, fuel and fertilizer. Turkish Defence Minister Hulusi Akar announced the latest talks on Tuesday.
"We are working hard indeed but there is still a way to go," U.N. Secretary-General Antonio Guterres told reporters on Tuesday. "Many people are talking about it. We prefer to try and do it."
Ukraine and Russia are major global wheat suppliers, and Russia is also a large fertilizer exporter, while Ukraine is a significant producer of corn and sunflower oil.
Diplomats say details of the plan under discussion include Ukrainian vessels guiding grain ships in and out through mined port waters; Russia agreeing to a truce while shipments move; and Turkey - supported by the United Nations - inspecting ships to allay Russian fears of weapons smuggling.
The Interfax news agency quoted Pyotr Ilyichev, head of the international organisations department at the Russian foreign ministry, as saying Russia is ready to facilitate the navigation of foreign commercial vessels to export Ukrainian grain.
He added that Russia wants to control and inspect vessels to rule out "arms smuggling".
News agency RIA quoted another diplomatic source as saying that Russia's demands include the removal of "obstacles to the exports" created by Western sanctions.
The Interfax news agency quoted Pyotr Ilyichev, head of the international organisations department at the Russian foreign ministry, as saying Russia is ready to facilitate the navigation of foreign commercial vessels to export Ukrainian grain.
He added that Russia wants to control and inspect vessels to rule out "arms smuggling".
News agency RIA quoted another diplomatic source as saying that Russia's demands include the removal of "obstacles to the exports" created by Western sanctions.
Ukrainian Foreign Minister Dmytro Kuleba was quoted by Spanish newspaper El Pais as saying that Kyiv was "two steps away" from hammering out a deal with Moscow.
"The security concerns, linked to Russia's position, need to be addressed. We are in the final phase and now everything depends on Russia," he said, adding that Moscow could still drag out the talks.
Russia's invasion and sea blockade of Ukraine has stalled exports, leaving dozens of ships stranded and more than 20 million tonnes of grain stuck in silos at Odesa.
Farmers of both countries are currently harvesting the 2022 wheat crop. July-November is usually the busiest time for traders to ship the new crop from both countries.
The coming harvest is also at risk as Ukraine is now short of storage space due to the halt in exports. (REuters)
July
Wildfires rage in southwestern France with over 1,700 hectares burnt
Written by Nur Yasmin
About 600 firefighters, supported by six water-bomber aircraft, were on Wednesday battling to bring under control two wildfires in southwestern France, which have already burnt more than 1,700 hectares and prompted the evacuation of thousands of tourists.
"Important human and material resources are being deployed to master the fires (...) local and national reinforcements are expected," said the local authority for the Gironde department, where the blazes are raging.
France, already hit by a series of wildfires over the last few weeks, is suffering - like the rest of Europe - from a second heatwave in as many months.
Several wildfires swept across Portugal's central region as well as in western Spain on Tuesday, also forcing the evacuation of hundreds of residents.
The biggest of the two Gironde fires is around the town of Landiras, south of Bordeaux, where roads have been closed and 500 residents evacuated, with the blaze having already burnt more than 1,000 hectares.
The other one is along the Atlantic Coast, close to the iconic "Dune du Pilat" - the tallest sand dune in Europe - located in the Arcachon Bay area, above which heavy clouds of dark smoke were seen rising in the sky.
That fire has already burnt 700 hectares and led to the preventive evacuation of 6,000 people from five surrounding campsites. They were brought for shelter to a local exhibition centre.
"Other campers woke us up at around 0430 in the morning. We had to leave immediately and quickly choose what to take with us. I had forgotten my ID, luckily someone took it for me. But I don't have my phone (...) and we don't know what is going to happen," Christelle, one of the evacuated tourists, told BFM TV.
On the eve of Bastille Day, the Gironde prefecture has forbidden all fireworks until Monday, July 18 in towns and villages in close proximity to forests. (Reuters)
July
EU lawmakers seek more energy savings to tackle gas crunch
Written by Nur Yasmin
Lawmakers on the European Parliament's energy committee supported more ambitious EU targets to save energy and expand renewable power on Wednesday, viewed as key to ending Europe's reliance on Russian gas.
Brussels is scrambling to prepare for further cuts to Russian gas supplies, and will unveil a plan next week for how countries could cope this winter if Moscow halted deliveries.
Meanwhile, the EU is negotiating more ambitious laws to push countries to replace Russian gas with clean energy this decade and reduce planet-warming CO2 emissions.
The Parliament's energy committee backed a proposal on Wednesday to raise the EU's target for primary and final energy savings to 14.5% by 2030 compared with expected levels, and set binding contributions for every country.
The lawmakers want a far higher goal than the 9% energy savings the Commission originally proposed last summer, although Brussels hiked that to 13% in May in a bid to quit Russian fuels faster after Moscow invaded Ukraine.
"Good for the climate and bad for Putin," Niels Fuglsang, lead lawmaker on the proposal, said in a tweet after the vote. The proposal passed with a large majority of 50 in favour, 7 against and 13 abstentions.
The lawmakers also backed with a large majority a target to get 45% of EU energy from renewable sources by 2030, up from 22% in 2020. Brussels had initially proposed 40%, raising it to 45% after the invasion.
Hitting the energy savings goal will require renovating millions of energy-hungry buildings, which produce a third of EU greenhouse gas emissions.
Countries will also need to overcome the years-long permitting delays that currently hamper new wind and solar projects. The EU has proposed a separate law to fast-track renewables permits.
The full EU Parliament will vote on the proposals in September. If approved, they will form Parliament's position for negotiations with EU countries on the final laws.
Countries have said they support the Commission's original proposals, which would already mark a jump in ambition compared with current EU policies, and plan to consider the more ambitious goals in the upcoming negotiations. (Reuters)
July
Ukraine hopes for grain exports breakthrough as Istanbul talks resume
Written by Nur Yasmin
Ukraine said on Wednesday that a deal to resume grain exports blocked by Russia appeared very close as four-way talks prepared to resume, raising hopes of an end to a standoff that has exposed millions to the risk of starvation.
More than 20 million tonnes of Ukrainian grain are stuck in silos at the Black Sea port of Odesa and dozens of ships have been stranded due to Russia's blockade, part of what Moscow calls its "special military operation" in Ukraine but which Kyiv and the West say is an unjustified war of aggression.
Ukrainian Foreign Minister Dmytro Kuleba told Spanish newspaper El Pais ahead of the talks in Istanbul between Ukrainian, Russian, Turkish and U.N. officials that Kyiv believed it was now very close to striking a deal for exports to resume.
"We are two steps away from a deal with Russia. We are in the final phase and now everything depends on Russia," it quoted him as saying. Other participants in the negotiations were more cautious, saying much remained to be agreed.
The talks were due to get under way behind closed doors at 1000 GMT.
They were taking place amid a relative lull on the war's front lines, with Russia saying on Wednesday it had shot down four Ukrainian military jets and Donetsk's governor reporting heavy Russian shelling across the eastern region but no civilian fatalities.
Reuters could not independently verify the battlefield accounts.
Ukraine and Russia are major global wheat suppliers. Russia is also a large fertilizer exporter and Ukraine a significant producer of corn and sunflower oil, so clinching a deal to unblock exports is seen as vital for food security, notably among developing nations, and for stabilising markets.
Ukraine and the West have accused Russia of exacerbating a global food crisis by complicating attempts to supply poorer nations with grain and fuelling inflation.
Moscow has blamed Ukraine for the problem, accusing Kyiv of refusing to remove mines that it scattered around its coastline to protect itself from Russia's attack which it says represent a threat to shipping.
Russia has also hit out at the West for imposing sanctions on a range of sectors that make it harder for Russia to fund and insure its own maritime freight services.
RUSSIAN SANCTIONS RELIEF?
U.N. Secretary-General Antonio Guterres said on Tuesday that participants in the Istanbul talks were "working hard indeed" but there that there was still a way to go to reach a deal.
"Many people are talking about it. We prefer to try and do it," he told reporters.
Diplomats say details of the plan under discussion include an idea for Ukrainian vessels to guide grain ships in and out through mined port waters; Russia agreeing to a truce while shipments move; and Turkey - supported by the United Nations - inspecting ships to allay Russian fears of weapons smuggling.
Russia's Interfax news agency quoted Pyotr Ilyichev, head of the international organisations department at the Russian foreign ministry, as saying that Russia wanted to control and inspect vessels to rule out arms smuggling.
He said Russia was ready to facilitate the navigation of foreign commercial vessels to export Ukrainian grain.
Russian news agency RIA quoted an unnamed diplomatic source as saying Russia's demands included the removal of "obstacles to exports" created by Western sanctions, citing the areas "of shipping insurance, logistics, transportation services and banking operations."
Russia has continued to export grain since the war started on Feb. 24 but there is a lack of large vessels as many owners are afraid to send them to the region. Cost of freight and insurance are also up sharply.
Ukraine sparked hopes on Tuesday for an increase in grain exports despite Russia's blockade following the reopening of the Bystre canal, which provides access to small inland river ports.
Ukraine expects monthly grain exports to rise by 500,000 tonnes as a result, Deputy Infrastructure Minister Yuriy Vaskov said. Ukraine is also negotiating with Romania and the European Commission about increasing shipments through the Sulina canal, he said. (Reuters)
July
Pacific islands youth "cannot wait" for climate change action, Vanuatu says
Written by Nur Yasmin
The leader of Vanuatu, pushing to take climate change to the international court, said the slow pace of international negotiations over emissions reduction was "totally out of step" with the impact Pacific islands are seeing.
Leaders from 15 nations are meeting in Fiji for the Pacific Islands Forum, where they are discussing how to gather more international support and funding to fight the impact of climate change, as well as China's ambitions for greater security ties across the region.
"Young people simply cannot wait", Vanuatu's Prime Minister Bob Loughman said, referring to need for urgent action on climate change.
International funding for Pacific islands to rebuild societies threatened by rising sea levels would be boosted if the International Court of Justice (ICJ) issues an advisory opinion on the obligation of states to protect the rights of future generations from the impacts of climate change, he said.
Loughman said Vanuatu had gained "unanimous support" from forum members for a call for the United Nations General Assembly to back an ICJ case.
Developed nations most responsible for climate change have been reluctant to commit to financing for low-lying island states to deal with the loss and damage caused by rising sea levels.
An ICJ opinion would speed up the mobilization of climate funds, put human rights at the centre of the debate and respond to the demands of young people, Loughman told a community dialogue in Suva on the sidelines of the forum.
"Time seems totally out of step with the reality of climate change’s impact on the lives of Pacific people," he said.
"Our villages, our islands, our women, our young people, our chiefs...are calling on us, Pacific leaders, to take action to fight this emergency."
Climate change is a major focus of the forum, despite the shock withdrawal of Kiribati from the group, discussions over a bid by China to sign a regional trade and security pact, and the announcement United States Vice President Kamala Harris would make a virtual address.
Fiji Prime Minister Frank Bainimarama told the forum on Tuesday the region was in a state of turmoil from the economic shocks of the COVID-19 pandemic and the threat of climate change, and as superpowers and some middle powers "clamour to shape the world in their favour".
He said the most important question for the forum was regional unity: "Will we forge ahead together, will we take individual paths, will we be assertive or leave it to others to decide our fate?"
Australia’s Foreign Minister Penny Wong told reporters on Tuesday that forum members, including Australia, would seek reconciliation with Kiribati.
"Competition is one of the challenges the region faces, and it is best faced together," she said. (Reuters)
July
As New Zealand reopens, exodus worsens labour crunch
Written by Nur Yasmin
New Zealand's easing of its strict border curbs has triggered a rush of new departures among locals seeking fresh opportunities abroad, adding further pressure to the country's already tight employment market.
A net 10,674 people left the country over the 12 months to May, according to government data released on Tuesday, extending a drain that ran over the past year and is expected to last until new immigrants arrive in greater numbers in 2023.
That exodus comes as New Zealand struggles to fill jobs with the number of foreign workers still very low and the economy close to maximum employment.
The issue has become somewhat politically contentious with Australian Prime Minister Anthony Albanese last week deflecting questions about health services in his country poaching New Zealand nurses to fill their own shortfall.
After months of lockdown in New Zealand's largest city Auckland, Mark Beale and his family were ready for a new adventure. When the offer to relocate to Australia's Gold Coast came at the start of the year, he did not hesitate.
The lockdown gave him time to reflect on what he wanted to do, said the 49-year-old export manager, who concluded if he didn't travel now he'd never get around it.
"We were on the first plane into Queensland that didn’t require mandatory quarantine," said Beale.
New Zealand had some of the world's toughest border controls in the two years from when the pandemic started, as the government tried to keep the coronavirus out.
Although there were no restrictions on leaving the country, the prospect of delays in returning discouraged people from heading abroad, creating a long line of residents waiting to depart, with many like Beale doing just that.
'THE KIWI WAY'
New Zealanders have traditionally gone offshore in their 20s and early 30s to work and travel, largely in Europe. Historically, Australia has also been a popular destination for kiwis looking for job opportunities or warmer weather.
Roughly 1 million New Zealanders, or more than 15% of the country’s population, live overseas, raising perennial concerns about a brain drain.
Jarrod Kerr, chief economist at Kiwibank expects annual net emigration to be around 20,000 by the end of this year, adding to wage and inflation pressures as workers seek employment and other opportunities abroad. By contrast, New Zealand, where roughly one in four people were born overseas, attracted a net 72,588 in 2019, before the pandemic.
"Kiwis who would have otherwise left over the last two and a half years are leaving now and we expect that to continue," he said. "It's the Kiwi way."
That would further frustrate the labour market, which was already very tight.
"Businesses are really struggling to find workers, and we're losing workers in their prime," Kerr said.
He expects things could improve next year with a pick-up in migrants from places like India, China and South Africa.
Consumer research from Australian firm MYOB released earlier this month found around 4% of New Zealanders planned to move overseas to live and work, citing expectations of better salary, improved quality of living or for a particular lifestyle.
"This has the makings of a real crisis in the local jobs sector, with the lack of available employees making it even more challenging for many businesses to operate or expand to meet local demand," MYOB head of employee services Felicity Brown said in a statement. (Reuters)
July
U.S., Japan agree to tackle currency, economic impact of Ukraine war
Written by Nur Yasmin
U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed on Tuesday to work together to tackle rising prices of food and energy, as well as volatility in currency markets, exacerbated by Russia's war in Ukraine.
They said the war had raised exchange rate volatility, which could pose adverse implications for economic and financial stability, and pledged to cooperate "as appropriate" on currency issues.
"We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments," the two sides said in a joint statement after the meeting, referring to the Group of Seven and Group of 20 economies.
Later on Tuesday, Yellen acknowledged the yen's substantial depreciation in recent weeks, but said the U.S. view remained that currency intervention was warranted only in "rare and exceptional circumstances".
The Japanese currency, which hit a fresh 24-year low beyond 137 yen to the dollar on Monday, has given up about 16% against the greenback this year.
The two leaders also said they were united in their "strong condemnation of Russia's unprovoked, unjustifiable, and illegal war against Ukraine", adding they continued to increase Russia's cost of its war by imposing economic and financial sanctions.
Russia has described the invasion of Ukraine as "a special military operation".
The Ukraine crisis has raised the risk of a global recession by stoking a surge in cost pressures and exacerbating supply chain disruptions in a blow to demand.
Yellen and Suzuki also urged China and other non-Paris Club creditors to cooperate "constructively" in helping low-income countries facing debt distress, while also touching on issues such as climate change and global tax reforms.
China's lack of cooperation on debt restructuring for low-income countries has been "quite frustrating" and Washington has discussed the issue with Beijing several times, Yellen told reporters after the meeting.
RUSSIAN OIL PRICE CAP
The joint statement also referred to a price cap on Russian oil proposed by the United States to keep Moscow from using higher oil prices to fund its war in Ukraine, but stopped short of laying out any agreement on a scheme.
Yellen told reporters the United States had not mentioned a specific number for the price cap, but Russian budgets had in the past factored in $40 a barrel and their marginal cost was "well below that".
"I'm not saying that $40 is the right number," she said. "We haven't decided what the right number is."
The global price of oil could surge by 40% to about $140 a barrel if a proposed price cap on Russian oil is not adopted, along with sanction exemptions that would allow shipments below that price, a senior U.S. Treasury official said earlier.
The U.S. official said the goal was to set the price at a level that covered Russia's marginal cost of production so Moscow was incentivised to continue exporting oil, but not high enough to let it fund its war against Ukraine.
YEN WOES
The Japanese finance minister, who had fired off a fresh warning shot against the renewed yen weakness earlier on Tuesday, said he told Yellen his government was concerned about the currency's recent rapid weakening.
"As G7 agrees, excess volatility and disorderly moves can hurt economic and financial stability, and we are carefully watching the market with high sense of urgency," Suzuki told reporters after the meeting.
Yellen said the two officials did not discuss intervention or related policy.
She added that the United States believed that countries such as itself, Japan and other G7 members should have market-determined exchange rates and "only in rare and exceptional circumstances is intervention warranted."
Yellen, who formerly chaired the U.S. central bank, met separately with Bank of Japan Governor Haruhiko Kuroda on Tuesday, the Treasury said. read more
She also met leading Japanese economists at the U.S. embassy in Tokyo to discuss monetary policy, inflation, fiscal policy and the two countries' economic outlooks.
Yellen paid her respects to slain former Prime Minister Shinzo Abe, Japan's longest-serving modern leader, at a private wake on Monday evening, lauding his work to increase Japan's prosperity and advance the status of women.
On Wednesday, Yellen will travel to Indonesia to meet Suzuki and other Group of 20 finance officials at gatherings on July 15 and 16. (Reuters)
July
U.S., Japan agree to address Ukraine war-driven foreign-exchange volatility, economic challenges
Written by Nur Yasmin
U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed on Tuesday to further strengthen bilateral ties and work together to address rising food and energy prices exacerbated by Russia's war in Ukraine.
They said the war had increased exchange rate volatility, which could have adverse implications for economic and financial stability, and pledged to continue to consult closely on foreign exchange markets and "cooperate as appropriate" on currency issues, in line with their commitments as part of the Group of Seven (G7) and Group of 20 economies.
The two leaders also urged China and other non-Paris Club creditors to cooperate "constructively" in working out debt treatments for low-income countries facing debt distress, and underscored the need for coordination to ensure fair burden-sharing among creditors of Sri Lanka and other vulnerable middle-income countries.
Their joint statement also touched on issues ranging from climate change to global tax reforms and a price cap on Russian oil that the United States has proposed to prevent Moscow from benefiting from using higher oil prices to fund its war in Ukraine. (Reuters)
July
U.S. VP Harris will join Pacific Islands meeting in push to counter China
Written by Nur Yasmin
U.S. Vice President Kamala Harris will participate in the Pacific Islands Forum leaders' meeting on Tuesday, a senior administration official said, as Washington steps up its engagement to counter China in the region.
She will announce new measures including the establishment of new U.S. embassies in Kiribati and Tonga, the appointment of the first-ever U.S. envoy to the Pacific Islands Forum and bringing the Peace Corps back to the region.
She will also establish a U.S. Agency for International Development (USAID) regional mission in Fiji and announce a new request asking Congress for economic assistance for the Pacific Islands that is nearly triple the current levels.
"In short, the vice president will be announcing that we are stepping up our game in the Pacific Islands," the senior administration official, who spoke on condition of anonymity, told reporters. "This new chapter... will feature increased diplomatic presence on the ground throughout the region," the official said.
The Biden administration has vowed to commit more resources to the Indo-Pacific as China seeks to boost economic, military and police links with Pacific island nations hungry for foreign investment.
Beijing's growing influence was highlighted by its security pact with the Solomon Islands this year, a move that fanned concerns in Australia, New Zealand and the United States. https://reut.rs/3yVs8fw
"We are not asking countries to choose...we are focusing on our own engagement," the administration official said, when asked about competition with China.
Washington has said it will expedite the opening of an embassy in the Solomon Islands, announced earlier this year when Secretary of State Antony Blinken visited Fiji, the first trip there by America's top diplomat in four decades.
Tensions between China and the United States, and the withdrawal of the remote Pacific island nation of Kiribati, have overshadowed the Pacific Islands Forum as leaders arrived in Fiji on Monday. (Reuters)