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Chilean Architect Smiljan Radic (centre) gives a press conference from inside the 2014 Serpentine Pavillion at the Serpentine Gallery in Hyde Park, central London. (AFP/File Picture)…
Oil prices stayed over $100 per barrel yesterday with no end in sight to the disruption in supplies of crude, while stock markets slid lower. With the conflict heading towards its third week, equity markets fell further amid investor worries about an extended crisis that could fan inflation and hammer the global economy.The price of Brent crude, the benchmark international oil contract, dipped below $100 during the day, sending equities briefly higher.But stocks slid back into the red as Brent climbed back above the $100 mark. “Crude oil is continuing to dictate direction for markets as we head towards the end of a volatile week… the pressure remains with no end in sight in the Middle East conflict,” said Fawad Razaqzada, market analyst with Forex.com.”Traders are trying to figure out what a fair value for crude oil is right now, given the big release of emergency oil reserves, and the temporary relaxation of sanctions on Russian oil sales that’s already at sea,” he added.Iran’s closure of the Strait of Hormuz — through which a fifth of global crude oil and liquefied natural gas passes — has sent energy prices soaring. That in turn is causing worries of rising prices rippling through the economy. “Fears of a burgeoning energy crisis remain front and centre for investors,” noted Joshua Mahony, chief market analyst at Scope Markets.”Inflationary fears are particularly prevalent with each day that passes,” Mahony added. Major central banks, which prior to the war’s outbreak were heavily forecast to keep cutting interest rates, are now widely expected next week to freeze borrowing costs or even hike them to keep a lid on inflation. Source link
A passenger train from China arrived in the North Korean capital Thursday, state media said, after a six-year hiatus since the service was suspended during the Covid-19 pandemic.China is North Korea's largest trading partner and a vital source of diplomatic, economic and political support for the isolated nuclear state.Train journeys between the East Asian neighbours were halted in 2020 under strict border closures to prevent the coronavirus from spreading.China's state news agency Xinhua said a train that departed from Dandong, a city in the northeast bordering North Korea, arrived in Pyongyang on Thursday evening.South Korea's Yonhap news agency reported earlier that a train had been seen crossing the Sino-Korean Friendship Bridge over the Yalu River.China Railways said in a separate statement that regular train services would also resume between Beijing and Pyongyang on Thursday evening.AFP journalists aboard the K27 train departing from Beijing and bound for Pyongyang Thursday saw carriages reserved only for passengers travelling to North Korea.Several people at the station gathered around the departures board to take photos of the ‘Beijing to Pyongyang’ listing.The overnight train is set to make a few stops, including at the port city of Tianjin, and then head northeast to Dandong on the border.A railway enthusiast at the station told AFP he was taking the train only one stop and would disembark at Tianjin.’It's great that this line is reopening, because there are very few international rail connections in China,’ he said, before being subjected to an ID check by plainclothes police officers.Wagons from Beijing holding Pyongyang-bound passengers are then attached to another train in Dandong, taking them across the border to the nearby North Korean city of Sinuiju, said Rowan Beard from Young Pioneer Tours, a company specialising in North Korea travel.Those wagons, as well as North Korean domestic carriages, will then be attached to a new train heading to Pyongyang, he added.Trains will run in both directions between Beijing and Pyongyang every Monday, Wednesday, Thursday and Saturday, China Railway said.The Dandong-Pyongyang service would operate daily, it said.Travel agents for an official ticketing booth in Beijing told AFP on Tuesday that anyone with a valid visa can now buy train tickets to the North.That includes Chinese people working and studying in North Korea, as well as North Koreans working, studying and visiting family abroad.Entry and exit procedures would be completed at the Dandong border crossing and at Sinuiju in North Korea, China Railway said.Tickets are currently available for offline purchase in several Chinese cities, it added.The resumption of the train link symbolised a return to a stronger bilateral relationship, said Lim Tai Wei, a professor and East Asia expert at Japan's Soka University.It signalled greater access to ‘the largest trading nation on Earth’ for North Korea, Lim told AFP, while it was also important for China's ‘periphery diplomacy’.A spokesman for China's foreign ministry said Thursday that ‘maintaining regular passenger train services is of great significance for facilitating personnel exchanges’ between the two countries.Beijing has been a crucial lifeline for North Korea's moribund economy.China has fully reopened its borders since the pandemic, but North Korea has proceeded more slowly. Direct flights and train services with Russia resumed last year.While the resumption suggests a ‘re-normalisation’ of contact between China and North Korea, it does not necessarily mean increased support from Beijing, said Associate Professor Chong Ja Ian from the National University of Singapore.’A lot of the previous limit on contact seems to be due to Pyongyang's apprehensions about broader contact, which have diminished,’ Chong told AFP. Source link
Australian Deputy Prime Minister and Minister for Defence Richard Marles interacts with Indonesia’s Defense Minister Sjafrie Sjamsoeddin upon their meeting in Jakarta, Indonesia, Thursday. (Reuters) Indonesia and Australia are planning to expand their security co-operation to include Japan and Papua New Guinea, Jakarta’s Defence Minister said Thursday after a meeting with his Australian counterpart.Trilateral security arrangements would be developed with Indonesia, Australia and Japan, and between Indonesia, Australia and Papua New Guinea, Sjafrie Sjamsoeddin told reporters after talks with Australian Defence Minister Richard Marles.The leaders of Indonesia and Australia signed a security treaty last month that commits them to consult each other if either country is threatened.Indonesia and Australia will work together on intelligence sharing, Sjafrie said, without providing details.The two ministers discussed the possibility of developing a defence training facility on the island of Morotai on North Maluku, with a proposal to upgrade its existing defence infrastructure, he said, adding: “We will work together to improve and utilise it.”Marles told reporters that the Morotai facility will belong to Indonesia “but there would be opportunities we see for Australia to engage in training there,” adding that it is up to Indonesia to determine how it will be used.Sjafrie also said military personnel from countries such as the Philippines, Australia and Singapore would have access to the facility, as well as another in North Kalimantan being developed with Singapore.Indonesia was ready to deploy troops for the international security force in Gaza, but that was dependent on the current dynamic with US President Donald Trump’s Board of Peace and the conflict in the Middle East, Sjafrie also said.Indonesia had been prepared to send 20,000 troops but was now ready to deploy 8,000, in phases, he said, with the move to scale back coming in response to pledges by other countries involved in the initiative to send numbers in the hundreds.”The president has instructed us to prepare our troops, and we are ready to act, but we are awaiting developments from the BOP. I cannot confirm anything yet because the situation is very dynamic,” he added. …
The Liberia-flagged tanker Shenlong Suezmax, loaded with Saudi Arabian crude, arrives at a port after transiting the Strait of Hormuz, in Mumbai, Thursday. (Reuters) Iran will allow Indian-flagged tankers to transit the Strait of Hormuz, a conduit for 40% of the South Asian nation’s crude imports, an Indian government source said Thursday, but an Iranian source outside the country denied any such deal was reached.India, the world’s No. 3 oil consumer, said Thursday the foreign ministers of the two countries have had three conversations in recent days and the latest one this week focused on “issues pertaining to the safety of shipping and India’s energy security”.”Beyond that, it would be premature for me to say anything,” foreign ministry spokesperson Randhir Jaiswal told a weekly media briefing.The Indian source, who was briefed on the matter, declined to be identified, citing a lack of authorisation to speak to media, while the Iranian source said the matter was a sensitive one.Thursday, the Suezmax tanker Shenlong, carrying Saudi crude, arrived at a port in Mumbai after transiting the strait. The Liberia-flagged vessel was the first crude carrier to reach India from the Middle East since the war between Iran and the US and Israel broke out in late February, according to LSEG data. The customer is state-run Bharat Petroleum Corp, said a source with direct knowledge of the matter.The company did not immediately respond to a request seeking comment.The Indian source said two other foreign-flagged tankers believed to be bound for India had recently transited the Strait, and that Iran had given assurances of safe passage for Indian-flagged vessels after the foreign ministers of both countries spoke by telephone late on Tuesday.The source said the situation remained fluid, with limited clarity on how instructions were being relayed across different layers of Iran’s administration.In a statement after the talks between India’s S Jaishankar and his counterpart, Seyed Abbas Araghchi, Iran’s foreign ministry said the US should be held accountable for the “insecure situation and problems arising for shipping in the Persian Gulf”.Neither side mentioned any agreement on allowing safe passage for Indian vessels.On Wednesday, India said 28 Indian-flagged vessels were operating west and east of the Strait with 778 Indian sailors aboard.”Authorities, ship managers and recruitment agencies are co-ordinating closely with Indian embassies and local authorities to ensure safety and provide assistance to Indian seafarers,” the Indian petroleum ministry said in a statement.India has given safe harbour to 183 Iranian sailors from a vessel that docked after the war broke out between Iran and the US and Israel.New Delhi had allowed three Iranian ships that departed following a naval exercise in the Bay of Bengal to dock, but one was later sunk by a US submarine in international waters, and another sought assistance from Sri Lanka.Iran has attacked at least 16 ships in the Strait since the war began in late February. Tehran has warned that oil prices could nearly double to $200 a barrel as it retaliates.A Thai vessel bound for India’s western port of Kandla was attacked in the Strait on Wednesday, prompting criticism from New Delhi.”India deplores the fact that commercial shipping is being made a target of military attacks in the ongoing conflict,” the foreign ministry said on Wednesday, adding that its citizens had also died.The near-closure of the Strait of Hormuz has compelled India to scramble for alternatives, such as buying more from Russia. Related…
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Romanian President Nicusor Dan and Ukrainian President Volodymyr Zelensky hold signed documents about joint drone production in Romania, in Bucharest, Thursday. (Reuters) Ukraine and Romania Thursday signed a statement of intent to produce drones together in Romania during a visit to Bucharest by President Volodymyr Zelensky aimed at deepening defence co-operation.Zelensky also offered to develop anti-drone defence systems with Kyiv’s European allies.The visit – followed by a trip to Paris today – comes at a time of uncertainty over planned peace talks between Kyiv and Moscow that have been spearheaded by the United States and derailed by the US-Israeli war with Iran.Zelensky and Romanian President Nicusor Dan signed an agreement on the joint production of defence products in Romania, and another on energy co-operation, the two sides said.”We discussed our military co-operation, and one of the documents signed refers to the joint production of drones in Romania,” Dan said during a joint press conference.Both countries will consider drone production in Romania in the “shortest possible time,” according to the statement of intent.The project would be partially funded through the EU’s SAFE Initiative with up to 200 million euros ($230 million), it added.Nato-member Romania – an important ally of Kyiv’s – has seen repeated violations of its airspace, including drone fragments falling onto its soil, following Russia’s invasion of Ukraine in February 2022.Zelensky, who has dispatched teams to the Gulf to help allies fend off Iranian drones, offered Thursday to work with European allies to develop their defensive systems.”I think it would be quite good to develop all of this together with European countries, our neighbours, our friends,” Zelensky said.The Ukrainian leader also said the two Black Sea countries were deepening energy ties, noting the construction of two new electricity supply lines.Ukraine has become increasingly dependent on electricity imports from its European neighbours since the start of Russian attacks on its power grid. Related Story Source…
United States Central Command said that one of its aerial refueling aircraft, a KC‑135, crashed in western Iraq, while a second aircraft involved in the incident landed safely.In a statement issued on Thursday, the command said, “One of the two aircraft went down in western Iraq, and the second landed safely. This was not due to hostile or friendly fire.”The command added that it is conducting rescue efforts following the crash. Source link
Air raid sirens sounded Friday at Incirlik Air Base, a major facility belonging to the North Atlantic Treaty Organization (NATO), according to the official Anadolu Agency. The base is located near the city of Adana in the southeast of the country, where U.S. forces are stationed.No official comment has been issued so far regarding the incident, and the reason for the activation of the sirens remains unknown. Four days ago, NATO air defenses intercepted a ballistic missile in Turkish airspace that had been launched from Iran, the second such incident within five days. Last Monday, the United States announced the closure of its consulate in the city of Adana and urged all American citizens to leave southeastern Turkiye. Source link
Smoke rising from the Thai bulk carrier ‘Mayuree Naree’ near the Strait of Hormuz after an attack Wednesday. (AFP) A Thai bulk carrier travelling in the crucial Strait of Hormuz was attacked Wednesday, with 20 crew members rescued so far, the Thai navy said.Photos shared by the Royal Thai Navy showed heavy black smoke billowing from the hull and superstructure of the Thai-registered Mayuree Naree, with life rafts floating in the water.The vessel “was attacked while transiting the Strait of Hormuz” after departing Khalifa port in the United Arab Emirates, the navy said in a statement.”The specific details and cause of the attack are currently under investigation,” it added.The Omani navy had rescued 20 sailors and “efforts are currently underway to rescue the remaining three crew members”, it said.Iran has launched strikes against its oil-exporting neighbours, threatening shipping in the Strait of Hormuz and plunging the global energy economy into crisis.It was not immediately clear whether the incident was one of three commercial ships that the United Kingdom Maritime Trade Operations centre earlier said had been hit in the Gulf on Wednesday.Ship-tracking websites showed the Mayuree Naree just off the Omani coast in the Strait of Hormuz, moving slowly at little more than one knot.The carrier is 178m long and displaces 30,000 tonnes, they said, adding it was on its way to Kandla in India.The Thai navy said it is owned by a Thai transport company, Precious Shipping.AFP sought comment from the firm in Bangkok but did not receive an immediate response. Related Story Source link