Headline

Oil Prices Jump As Hamas-Israel Attacks Fuel Supply Fears

Published

2 years ago

October 9, 2023

Israel, reeling from the deadliest attack in half a century, formally declared war on Hamas Sunday as the conflict’s death toll surged above 1,000 after the Palestinian militant group launched a massive surprise assault from Gaza.

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures — neither too strong nor too weak — lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
AFP

Headline

Leader Of UK Christian Group Convicted Of Sexually Abusing Women

Published

9 hours ago

August 23, 2025

Editor

Chris Brain, 68, the leader of a UK Christian group once backed by the Church of England, has been convicted of sexually abusing nine women in his congregation.

A jury delivered the final verdicts on Thursday.

‎Brain led the Nine O’Clock Service, an evangelical movement in Sheffield during the 1980s and 1990s. The group was known for its nightclub-style worship, held at 9 p.m. on Sundays, which included live music and drew large crowds of young people.

‎Prosecutors said Brain used his authority to control members of the congregation, isolating them from family and friends, and used his position to commit sexual assaults. He also maintained a group of young women known as the “lycra nuns” who assisted him, his wife, and his daughter at home, prosecutor Tim Clark told the court.

‎The leader of the UK Christian group was charged with 36 counts of indecent assault and one count of rape involving 13 women between 1981 and 1995. He denied the charges, claiming any sexual contact was consensual.

‎Following a trial at Inner London Crown Court, he was convicted of 17 counts of indecent assault against nine women. He was acquitted of 15 other charges, while the jury could not reach a verdict on four additional indecent assault charges and the rape allegation. The Crown Prosecution Service said it would “carefully consider” whether to seek a retrial.

‎The Nine O’Clock Service had received approval from the Church of England. In 1990, the Archbishop of Canterbury-elect George Carey met with Brain to discuss his methods, and his ordination was expedited. Prosecutors said the group even spent heavily to purchase the costume worn by Robert De Niro in the 1986 film The Mission for his ceremony.

‎Brain resigned shortly before a BBC documentary aired in 1995, accusing him of inappropriate sexual behaviour. Carey later said he was “crushed and let down” when the allegations became public.

‎In court, Brain admitted to receiving massages from congregation members that sometimes became sexual but denied manipulating or controlling them.

‎Bishop of Sheffield Pete Wilcox said in a statement: “What happened was an appalling abuse of power and leadership that should never have occurred. Where concerns were raised in the past and were not acted upon properly, that was a failing of the Church. For those institutional failures, I offer an unreserved apology.”

Headline

Russia Claims More Ukraine Land As Hopes For Summit Fade

Published

9 hours ago

August 23, 2025

Editor

Russia on Saturday said its forces had taken two villages in eastern Ukraine’s Donetsk region, increasing the military pressure as world leaders struggle to broker an end to the conflict.

South Africa added its voice to those calling for a summit between Ukraine and Russia.

Russian forces are slowly advancing in the embattled eastern region of Donetsk, grinding closer to Kyiv’s key defensive line in costly metre-for-metre battles.

Moscow’s defence ministry said on Telegram that its forces had captured the villages of Sredneye and Kleban-Byk.

The taking of Kleban-Byk would mark a further advance towards Kostiantynivka — a key fortified town on the road to Kramatorsk, where a major Ukrainian logistics base is located.

On Friday, Russia said its troops had captured three villages in the Donetsk region it claimed to have annexed in September 2022.

On Saturday, Ukrainian military officials said its forces had stopped a Russian advance and recaptured the village of Zeleny Gai in the Donetsk region in a post to Telegram.

In July, Russia claimed the capture of the village, on the border with Dnipropetrovsk, adding that it was an important stronghold used by Ukraine to protect the area.

– Ramaphosa backs summit –
The latest Russian advances come as hopes dim for a summit between Russian and Ukrainian presidents — a solution championed by US President Donald Trump as part of his efforts to end the conflict.

South African President Cyril Ramaphosa on Saturday added his voice to calls for a Russia-Ukraine summit during a telephone conversation with Ukrainian President Volodymyr Zelensky.

“President Ramaphosa stressed the urgency of holding bilateral and trilateral meetings between the leaders of Russia and Ukraine and the United States as key to signal a firm commitment to ending the war,” said a statement from his office.

Ramaphosa, who currently chairs the G20, also spoke with French President Emmanuel Macron and Finnish President Alexander Stubb, the statement added. He will speak with other European leaders in the coming weeks.

Ramaphosa spoke on Monday with Vladimir Putin, whom he described in October at the BRICS summit as a “dear ally” and a “valued friend”.

However, for the first time since Russia’s attack on Ukraine, South Africa earlier this year backed a UN resolution declaring that Russia had launched a full-scale invasion of Ukraine.

Zelensky said he had told Ramaphosa he was ready for any kind of meeting with Putin.

“However, we see that Moscow is once again trying to drag everything out even further,” he said on X.

He called on the Global South to send “relevant signals and (push) Russia toward peace”.

On Friday, Russian Foreign Minister Sergei Lavrov said “no meeting” was planned as Trump’s mediation efforts appeared to stall, while Zelensky accused Russia of trying to prolong the offensive.

AFP

Headline

US Suspends Work Visas For Nigerian, Foreign Truck Drivers

Published

22 hours ago

August 23, 2025

Editor

The United States government has suspended the issuance of work visas for Nigerian and other foreign truck drivers, citing job security concerns and safety risks for American citizens.

Secretary of State Marco Rubio announced the decision on Thursday, saying it takes immediate effect.

According to him, the rising number of foreign truck drivers on U.S. highways is both threatening lives and reducing opportunities for American truckers.

“Effective immediately, we are pausing all issuance of worker visas for commercial truck drivers.

“The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers,” Rubio said.

The move comes under President Donald Trump’s renewed clampdown on immigration since returning to office in January 2025.

As part of new measures, travellers from countries with high visa overstay rates or weak travel databases will be required to pay a bond of $5,000 to $15,000 before obtaining certain categories of visas.

The U.S. Embassy in Nigeria also directed all visa applicants to disclose their social media handles from the past five years, warning that failure to comply could result in denial of applications and possible ineligibility for future visas.