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Europe
European Court of Auditors
05/10/2023 Errors in spending from the EU budget increased significantly in 2022, according to the European Court of Auditors’ annual report published today. The auditors also warn of the growing risk of borrowing for additional payment needs, such as those triggered by the pandemic response and Russia’s war against Ukraine, and they recommend taking measures to address the impact of high inflation on the EU budget. (Source: eca.europa *)
* European Court of Auditors
North America
Haiti
5 Oct, 2024 01:24 AM Gang members reportedly set fire to at least 45 houses and 34 vehicles, forcing residents to flee their homes. /photo/ (Source: nzherald *)
* New Zealand Herald
United States
October 05, 2024 08:24 Biden sought to discourage Israel from attacking Iran's oil fields. (Source: gulfnews * / Bloomberg)
* Gulf News, a daily newspaper published from Dubai, United Arab Emirates
(5 October 2024 4:37 AM) US ignored evidence of Israeli arms misuse and rushed more weapons (Source: trtworld *)
* The Turkish Radio and Television Corporation (TRT), the national public broadcaster of Turkey.
/photo/
Oct 05, 2024 10:29 AM IST Hurricane Helene has brought along historic flooding and a storm surge of over 15 feet. Musk, who's been hands-on with relief efforts, shared with his 200 million followers a screenshot of a conversation where someone claimed the airspace was “shut down” and that the FAA was 'limiting flights.' “SpaceX engineers are trying to deliver Starlink terminals & supplies to devastated areas in North Carolina right now and @FEMA is both failing to help AND won’t let others help. This is unconscionable!!", he wrote. Musk earlier slammed Biden’s administration saying, “The level of belligerent government incompetence is staggering!!” “The claims about FEMA confiscating or taking commodities, supplies, or resources in North Carolina, Tennessee, or any state impacted by Helene are false,' said FEMA’s director of public affairs, in a statement. (Source: hindustantimes)
05.10.24, 10:18 AM What's next for oil and gas prices ? Any major escalation of tensions in the Middle East conjures up memories of the oil embargo that followed the start of the Yom Kippur war in 1973, which quadrupled oil prices. However, the global supply of oil has been altered radically since the 1970s, with the US becoming the world's largest oil producer. Months of war between Israel and Hamas and Hezbollah, two Iranian proxies, did little to boost prices for OPEC and its 12 oil-producing nations. Only the possibility of a direct confrontation between Israel and Iran moved the needle. Oil prices rose than USD 6 per barrel this week and prices at the pump moved higher as well. The average price for a gallon of gas rose 5 cents from last week. US gas prices typically rise along with crude because the price of oil makes up half the cost of a gallon of gasoline. The national average for gas has risen to about USD 3.18 per gallon, according to American Automobile Association. (AAA). But that's still 13 cents less than a month ago and 60 cents less than a year ago. The record national average high of USD 5 per gallon was reached in June 2022. AAA estimates that approximately 1.2 million of its members live in households with one or more electric vehicles. The organisation believes that tepid gas demand and low oil costs will likely keep prices at gas pumps sliding. The long-term expectation is for oil prices to move lower, not higher. That's because the balance between supply and demand has tilted toward supply. The International Energy Agency said demand for oil in the first half of this year rose by the smallest amount since 2020. Meanwhile, supplies have continued to increase and the OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, has said it plans to release more oil into the market starting in December. Iran produces 3.99 million barrels per day, which is 4 per cent of the world total. By comparison, Saudi Arabia produces about 9 million barrels a day. Despite sanctions imposed by the West that have hampered production and export levels, Iran continues to find ways to maintain its oil sector, sometimes using creative methods like blending and re-labelling oil for sale to markets like China. As of the middle of this year, Iran was exporting about 2 million barrels of oil a day, up from 500,000 in 2020. Export terminals like Kharg Island in the Persian Gulf could be a target for an Israeli strike. They play a key role in shipping crude oil abroad, primarily to Asian countries, including China. Kloza, global head of energy analysis with the Oil Price Information Service, believes oil prices are approaching a top, with US crude oil at USD 74.38 and Brent crude, the international benchmark, at USD 78.05. The long-term outlook is for lower prices. 2025 looks very problematic for high prices with supply almost certainly outpacing demand by 500,000 to 1 million barrels a day,” Kloza said. (Source: telegraphindia / AP)
South America
Brazil
05.10.24, 09:49 AM Grain shipments have been halted. In hard-hit Amazonas state, at least 62 municipalities are under states of emergency with more than half a million people affected by the most severe drought in over 120 years. The level of the Rio Negro at the Porto de Manaus reaches its lowest point at 12.66 meters in its history. The extreme heat and dryness is helping drive surging fires in the Amazon and neighboring Pantanal, the world's largest wetlands /photo/ (Source: telegraphindia)
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