Nestle

Sweet heist? Nestle says 12 tonnes of KitKat stolen

  • The brand warned that "the theft may lead to a shortage of KitKats appearing on shelf", acknowledging that "consumers, unfortunately, may struggle to find their favourite chocolates ahead of Easter".
  • A huge shipment of Nestle's crunchy KitKat chocolate bars was stolen in Europe, the brand said, warning that the heist risked causing shortages in stores right before Easter.
  • The brand warned that "the theft may lead to a shortage of KitKats appearing on shelf", acknowledging that "consumers, unfortunately, may struggle to find their favourite chocolates ahead of Easter".
A huge shipment of Nestle's crunchy KitKat chocolate bars was stolen in Europe, the brand said, warning that the heist risked causing shortages in stores right before Easter.
KitKat, owned by Swiss food giant Nestle, confirmed in a statement sent to AFP on Saturday that "a truck transporting 413,793 units of its new chocolate range has been stolen during transit in Europe".
The shipment, weighing around 12 tonnes, disappeared last week while heading between production and distribution locations, it said. 
"We've always encouraged people to have a break with KitKat," a spokesperson for the brand said, referring to its catchphrase.
"But it seems thieves have taken the message too literally and made a break with more than 12 tonnes of our chocolate."
The brand warned that "the theft may lead to a shortage of KitKats appearing on shelf", acknowledging that "consumers, unfortunately, may struggle to find their favourite chocolates ahead of Easter".
The stolen truck had left central Italy and was making its way to Poland, with a plan to distribute the bars in countries along the way.
KitKat did not say where specifically the goods had gone missing, but said "the vehicle and its contents remain unaccounted for".
"Investigations are ongoing in close collaboration with local authorities and supply chain partners," it said.
KitKat warned that the missing chocolate bars "could enter unofficial sales channels across European markets".
It said it was possible to trace the stolen goods by scanning the unique batch codes found on each bar. 
"If a match is found, the scanner will be given clear instructions on how to alert KitKat who will then share the evidence appropriately," it said.
nl/ach 

US

Middle East war: global economic fallout

  • "An agreement has been reached to allow Thai oil tankers to transit safely through the Strait of Hormuz," Thai Prime Minister Anutin Charnvirakul said, adding the development would alleviate concerns over fuel imports. 
  • Here are the latest economic events in the Middle East war: - Thailand secures Hormuz transit - Thailand has reached an agreement with Iran to allow Thai oil vessels to travel through the Strait of Hormuz, its prime minister said Saturday.
  • "An agreement has been reached to allow Thai oil tankers to transit safely through the Strait of Hormuz," Thai Prime Minister Anutin Charnvirakul said, adding the development would alleviate concerns over fuel imports. 
Here are the latest economic events in the Middle East war:

Thailand secures Hormuz transit

Thailand has reached an agreement with Iran to allow Thai oil vessels to travel through the Strait of Hormuz, its prime minister said Saturday.
"An agreement has been reached to allow Thai oil tankers to transit safely through the Strait of Hormuz," Thai Prime Minister Anutin Charnvirakul said, adding the development would alleviate concerns over fuel imports. 

Fire at UAE industrial zone

United Arab Emirates authorities said fires broke out early Saturday following a missile and drone attack from Iran, leaving five people with injuries.
The Abu Dhabi government media office said authorities were dealing with two fires in the area of the emirate's Khalifa Economic Zones.

Iran turns back ships

Iran's Revolutionary Guards said Friday that they had turned back three ships trying to transit the Strait of Hormuz, saying the route was closed to vessels travelling to and from ports linked to countries aiding the US-Israeli attacks.
Energy market intelligence firm Kpler said it had identified two container ships belonging to the Chinese firm COSCO that had attempted to leave the Gulf by crossing the narrow waterway, but had turned around.

Kuwait says port damaged

Kuwait's main commercial port was damaged in a drone attack, authorities said, as Iran pressed its campaign against Gulf targets in retaliation for US-Israeli strikes.
The Shuwaikh port was targeted at dawn "by enemy drones, preliminary reports revealed material damage but no human casualties", the Kuwait port authority said on X.

Oil rises

Oil prices rose sharply Friday as hopes faded among investors for a quick end to the conflict.
Global stock indices ended the week lower, with Wall Street's S&P 500 seeing its fifth losing week in a row.

'Significant slowdown' in Spain

Spain's economy could face a "significant slowdown" due to the Middle East war, the Bank of Spain said, warning of potential "episodes of financial market instability".
Separately, Spain's annual inflation jumped to 3.3 percent in March from 2.3 percent the previous month, driven by higher costs for petrol and heating oil, preliminary data showed Friday.

Iran all in on crypto

Iran has witnessed huge cryptocurrency flows since the start of the Middle East conflict.
Experts say they are being used to circumvent sanctions placed on Iran's Revolutionary Guards, and as a financial haven by civilians hit by soaring inflation.

Fewer flights cancelled

The percentage of Middle East flights cancelled has dropped considerably since the early days of the war, according to an aviation data firm, though the number of scheduled flights also fell as airlines trimmed serivces to the region.
Only 13 percent of flights to and from the region were cancelled on Friday, according to Cirium, compared to more than 65 percent in the first days of the war.

Germany to keep coal online longer

Chancellor Friedrich Merz said Friday that if the energy crisis sparked by the Middle East war dragged on and caused shortages, Germany might have to keep running coal-fired power plants longer than planned.
"I am not prepared to jeopardise the core of our industry just because we have decided on phase-out plans that have become unrealistic," he said, referring to a pledge to shut down coal-powered plants in favour of clean energy alternatives.

Egypt imposes business curfew

Egypt has ordered shops, restaurants and shopping malls to close at 9:00 pm (1900 GMT) from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Overnight queues in Ethiopia

Many Ethiopians slept in their cars in hours-long queues for petrol as shortages caused by the Middle East war began to take their toll. 
The Horn of Africa country is particularly vulnerable as it imports all its petrol, primarily from the Gulf.

Tea stuck in Kenya

Around 6,000 to 8,000 tonnes of tea, worth $24 million, is stuck at Kenya's port of Mombasa because of the war in the Middle East, trade officials said Friday.
Around 65 percent of the east African tea market has been affected by the war that began on February 28, said George Omuga, director of the EATTA tea association.
burs/rl/abs/ami

US

Attacks across Middle East as Iran war enters second month

BY AFP TEAMS IN TEHRAN, JERUSALEM, BEIRUT, DUBAI, ISLAMABAD, PARIS AND WASHINGTON

  • Israel's military reported at least five rounds of Iranian missile fire within just over five hours, and a statement early Saturday said Israeli forces were "striking Iranian terror regime targets across Tehran".
  • Gulf countries and Israel came under missile fire and Israeli forces struck Iran on Saturday, as the war raged into its second month with Washington expressing hopes for progress in talks with Tehran.
  • Israel's military reported at least five rounds of Iranian missile fire within just over five hours, and a statement early Saturday said Israeli forces were "striking Iranian terror regime targets across Tehran".
Gulf countries and Israel came under missile fire and Israeli forces struck Iran on Saturday, as the war raged into its second month with Washington expressing hopes for progress in talks with Tehran.
In a sign that the conflict may be expanding further, Israel's military said air defences responded to a missile launched from Yemen -- the first since the start of the war on February 28, and after threats from Iran's Houthi allies to launch attacks.
The war began when the United States and Israel launched airstrikes across Iran, killing supreme leader Ayatollah Ali Khamenei and sending shockwaves across the globe.
A month later the conflict showed no sign of ending, with Israel announcing fresh strikes on Tehran and an AFP journalist in the city reporting around 10 intense blasts and a plume of black smoke.
Emirati authorities said debris from a successful missile interception started fires at an Abu Dhabi industrial zone, injuring five Indian nationals.
Saudi Arabia said it had intercepted a missile and several drones, and Bahrain said a blaze caused by the "Iranian aggression" had been brought under control.
In Israel, repeated air raid sirens sent people to shelters, including in Tel Aviv where one man was killed and two others wounded, and in the country's north, where media reported a simultaneous attack from Iran and its Lebanese ally Hezbollah.
An Iranian missile and drone attack on the Prince Sultan Air Base in Saudi Arabia wounded at least 12 American soldiers, two of them seriously, according to The New York Times and The Wall Street Journal, citing unidentified officials.
US President Donald Trump's special envoy Steve Witkoff said Friday he believes Iran would hold talks with Washington "this week, we're certainly hopeful for it".
Washington expected Tehran to respond to a 15-point US peace plan, he told a business forum in Miami. "It could solve it all."
One major issue has been the near-closure of the strategically vital Strait of Hormuz, which has sent markets into turmoil and pushed oil prices to levels not seen since the start of the war in Ukraine.

'Dangerous to the world'

Trump reiterated his disappointment with NATO allies over their refusal to help secure the Strait of Hormuz, after US Secretary of State Marco Rubio said he had won G7 support to oppose Iran's attempts to impose a toll on the key sea lane for Gulf oil and gas exports.
"It's unacceptable, it's dangerous to the world, and it's important that the world have a plan to confront it," said Rubio, who joined a meeting of G7 foreign ministers in France.
Thailand on Saturday joined a handful of nations that have announced they were able to secure safe passage for their oil tankers through the Strait of Hormuz in an agreement with Iran.
The G7 ministers expressed the "absolute necessity to permanently restore safe and toll-free freedom of navigation" in the waterway and called for "an immediate cessation of attacks against civilians and civilian infrastructure".
Rubio declared that Washington expects its military campaign to prove victorious within weeks.
"When we are done with them here in the next couple of weeks, they will be weaker than they've been in recent history," he told reporters.
Iran had sent "messages" to the American side but had not formally responded to the 15-point plan, Rubio said.
While Trump has extended his deadline for Tehran to reopen the Strait of Hormuz or face attacks on energy assets to April 6, Iranian media reported strikes on Friday on three Iranian nuclear facilities and two steel plants, with officials saying there was no radioactive release.
Israel confirmed it had struck the Khondab heavy water complex and a uranium processing plant in Ardakan, while the UN nuclear watchdog said Iran had informed it of another strike on the Bushehr nuclear power plant.
Iran's Foreign Minister Abbas Araghchi threatened retaliation "for Israeli crimes" in a post on X, saying the attacks contradicted Trump's "extended deadline for diplomacy".
Israel's military reported at least five rounds of Iranian missile fire within just over five hours, and a statement early Saturday said Israeli forces were "striking Iranian terror regime targets across Tehran".

'Fingers on the trigger'

Trump, swinging between threats of obliteration and optimistic talk of dealmaking, has insisted the Islamic Republic wants to "make a deal".
Iran's Revolutionary Guards warned they would strike industrial sites across the region, having earlier issued similar warnings for US military bases and hotels hosting American troops.
Iranian strikes have shattered the Gulf's reputation for stability, hitting Dubai's airport, Bahrain's capital and energy facilities across the region during the course of the war.
Yemen's Houthi rebels, which did not immediately comment on the missile fire reported by Israel, had warned on Friday they would join the war if US-Israeli attacks on ally Iran continued or if more countries joined the conflict.
The Houthis have in the past attacked shipping in the Red Sea in response to regional conflicts, but had so far not intervened in the latest war.
"We affirm that our fingers are on the trigger for direct military intervention," the group said in a statement.
Tehran also called for an end to US and Israeli attacks on aligned regional groups -- a reference to Hezbollah, among others, Tasnim reported.
Lebanon was drawn into the war after Hezbollah fired rockets at Israel on March 2.
Israel renewed strikes on Beirut's southern suburbs Friday, saying it was targeting Hezbollah infrastructure. The UN refugee agency warned Lebanon faced a deepening humanitarian crisis risking catastrophe, with over a million people displaced.
AFPTV footage showed smoke rising from the Beirut suburbs, a Hezbollah stronghold largely emptied after previous Israeli evacuation warnings and heavy strikes.
burs-arp/ami/abs

conservatives

Sequins, slogans, conspiracies: Inside the right-wing culture at CPAC

BY FRANKIE TAGGART

  • The result is less a traditional conference than a cultural hub, one that both reflects and reinforces the modern conservative movement.
  • The US Conservative Political Action Conference has become as much a cultural marketplace as a political gathering, with activists, vendors and influencers turning grievance and identity into a booming ecosystem.
  • The result is less a traditional conference than a cultural hub, one that both reflects and reinforces the modern conservative movement.
The US Conservative Political Action Conference has become as much a cultural marketplace as a political gathering, with activists, vendors and influencers turning grievance and identity into a booming ecosystem.
Conspiracy talk, sequined pro-Trump fashion and niche conservative businesses sit side by side at the four-day event in Texas, offering a window into a movement increasingly defined by culture as much as policy.
In CPAC Central, a cavernous hall packed with merchandise stalls two floors below the main stage, a far-right influencer whips up a crowd with talk of looming indictments of "Deep State" figures. 
At the other end, three nuns from Chicago quietly chatter, favoring passers-by with beneficent smiles.
The juxtaposition is jarring -- and entirely normal here.
The attendees are such a mixed bunch that it can be hard to fathom what binds them beyond politics. Yet in this dense marketplace of ideas, identities and impulse buys, a shared sensibility quickly comes into focus.

Merch, messaging and money

If CPAC once served primarily as a forum for competing strands of conservative thought, it has evolved into something broader -- and more cohesive.
Politics here is not just debated. It is worn, sold, performed and shared. CPAC Central is part bazaar, part broadcast studio, part ideological showcase.
Vendors sell items ranging from Trump-themed cigars and $25 baseball caps to bank accounts and mobile phone plans pitched as alternatives to institutions accused of "canceling" conservatives.
A giant banner depicts a muscled Donald Trump as a Rambo-style action hero beneath the battle cry "Save America Again." 
Nearby, racks of sequined jackets shimmer with slogans like "Make Heaven Crowded," worn by supporters well into their seventies who, for a few days at least, dress more like pop fans than retirees.
One group, the "Trump Tribe of Texas," moves through the hall in coordinated gold outfits, each member bearing a single letter that spells out the president's name when they line up.
There is even an arcade-style game, "Water Gun Fun" -- a reminder that at CPAC, politics is rarely presented without a layer of spectacle.
"It's about values -- good values, being ethical and having integrity," said Sandy Schoepke, a Trump supporter who is running a merchandise booth at her second CPAC, which is typically held in Washington but moved to the Dallas suburbs this year.

'The message resonates'

For some vendors, CPAC offers something rarer than exposure: a captive audience.
"It's not often that everyone's gathered so concentrated," said Eric Ohlhausen, co-founder of Old Glory Bank, an online institution launched in response to what he sees as conservatives being "debanked" by traditional banks.
"We are an openly pro-America bank that promises not to cancel its customers for their views," he said.
His pitch -- financial services framed as free speech -- lands easily with a crowd that sees itself as culturally embattled.
"That message resonates... because this is the audience that has been so attacked by financial institutions," Ohlhausen said.
Elsewhere, John Adams -- who enjoys that he shares his name with the second US president -- oversees the stall for Liberty Cigar Company, selling toros, coronas and robustos in gift sets honoring Trump and other US presidents.
"Anything history-related, we're there," he told AFP. "Our mission is to tell America's magnificent story."
Many customers, he noted, head straight for the $13 Trump cigars regardless of their usual taste.
But he chuckled when asked about the speakers upstairs, revealing that he was far too busy to get involved in the actual politics of CPAC.
"In five years, I haven't seen a single speaker," he said.

Culture as glue

Beyond the merchandise, the hall doubles as a media ecosystem.
Podcast Row and Radio Row buzz with influencers broadcasting live, while smaller stages host a rotating cast of political personalities, including former British prime minister Liz Truss.
The effect is immersive: a feedback loop where political messaging is produced, consumed and reinforced in real time.
Even the products reflect that blend of identity and ideology.
A pro-gun yard sign warns: "Protected by FAFO — 24-hour surveillance — 2nd Amendment." 
Nearby, stalls promote groups like Students for Life and the Alliance for Secure AI, alongside pro-Israel activists from Generation Zion.
The result is less a traditional conference than a cultural hub, one that both reflects and reinforces the modern conservative movement.
For attendees like Schoepke, that sense of belonging is as important as any speech from the main stage.
"I've built relationships with people. I've met such quality friends," she said.
ft/js

climate

Uncertainty over war-induced oil crisis dominates key energy summit

BY NINA ISENI

  • The effects of the crisis were a central theme at the conference in Houston.
  • The world's largest energy conference wrapped up in Houston on Friday with the crisis caused by the US-Israel war on Iran dominating discussions -- but with little to show for it beyond a prevailing sense of uncertainty.
  • The effects of the crisis were a central theme at the conference in Houston.
The world's largest energy conference wrapped up in Houston on Friday with the crisis caused by the US-Israel war on Iran dominating discussions -- but with little to show for it beyond a prevailing sense of uncertainty.
A week of meetings for CERAWeek -- dubbed the "Davos of Energy" -- saw around 10,000 executives and experts gather to discuss the latest in their industry.
"The industry is underestimating the geopolitical turmoil and geopolitical risk that's ahead," said Mark Brownstein, vice president of the Environmental Defense Fund.
Saturday marks a month since joint US-Israeli strikes on Iran launched a war that has engulfed the region, with Iran retaliating against Gulf countries and Israel invading Lebanon.
Oil prices have skyrocketed after Tehran essentially blockaded the Strait of Hormuz, bringing the flow of around a fifth of the world's oil and gas supplies to a standstil.
The effects of the crisis were a central theme at the conference in Houston.
"The reverberations that this will have on the economy, on people, on inflation is very worrying," said Coralie Laurencin, an energy specialist at S&P Global, the conference's organizers. 
"I worry that we are in for a prolonged period of instability and uncertainty," said Brownstein, "that has important follow-on effects." 
Chevron CEO Mike Wirth told a packed room on Monday that oil prices had not yet fully absorbed the effects of the blockade of the Strait of Hormuz. 
The crisis has global implications, and Shell CEO Wael Sawan warned that energy shortages -- including gasoline and diesel -- could begin to hit Europe as early as next month. 
- 'Chaos and instability' - 
On Friday, the fighting in the Middle East was still raging. Even when it ends, it will take time for oil producers to repair damaged infrastructure and restart facilities. 
This is particularly true of Qatar, the world's second-largest exporter of liquefied natural gas (LNG).
"We're gathered at a momentous time of uncertainty, of chaos and instability," said Jamey Rosenfield, founder and co-chair of CERAWeek, during the closing event on Friday. 
US Energy Secretary Chris Wright, who attended the opening of the conference, sought to reassure attendees, stating that the Trump administration was taking measures to increase supply.
This included lifting sanctions on Russian and Iranian oil supplies that were already at sea.
Wright insisted the disruptions were "temporary."
But industry insiders left the conference feeling unclear about a path forward.
"What I heard this week was that no one knows how you end the primary problem, which is the war," said Laurencin.
bur-ni/ico/bdx/aha/dw

Global Edition

Oil climbs, stocks fall as markets see no end to war

  • The market reaction Friday contrasted sharply with the plunge in oil prices and gains for stocks at the beginning of the week after Trump first delayed his Hormuz deadline.
  • Oil prices rose and stocks fell Friday as the United States and Israel struck Iranian nuclear sites, denting optimism over potential talks to end nearly a month of war in the Middle East.
  • The market reaction Friday contrasted sharply with the plunge in oil prices and gains for stocks at the beginning of the week after Trump first delayed his Hormuz deadline.
Oil prices rose and stocks fell Friday as the United States and Israel struck Iranian nuclear sites, denting optimism over potential talks to end nearly a month of war in the Middle East.
US President Donald Trump has extended a deadline for Tehran to open the Strait of Hormuz or face the destruction of its energy grid, pushing it from Friday to April 6.
But with Iran maintaining a hold on the strait and intense hostilities continuing, Trump's announcement failed to lift the mood on markets.
Oil prices climbed, with the Brent international benchmark rising 4.2 percent to $112.57 while the US benchmark contract, WTI, jumped 5.5 percent to $99.64.
Wall Street stocks fell sharply across the board, with the the S&P 500 ending the week lower for the fifth straight week, its longest such run in four years.
European and Asian stock markets also ended the day mostly lower.
The market reaction Friday contrasted sharply with the plunge in oil prices and gains for stocks at the beginning of the week after Trump first delayed his Hormuz deadline.
"Trump appears to be losing his grip on the markets," said Forex.com analyst Fawad Razaqzada.
"Investors no longer seem to take his statements at face value -- if anything, they're beginning to trade against them, waiting for tangible proof before reacting," he said. 
Kathleen Brooks, research director at XTB, said: "Investors are facing the facts: the Strait of Hormuz is effectively closed and it does not appear that there is a real end in sight to the war."
Angelo Kourkafas, investment strategist at Edward Jones, said investors were concerned that sharply higher oil prices would have a significant impact on inflation and economic growth.
"There are concerns about the lingering uncertainty," Kourkafas said. "And as we have broken some technical levels, I would say that is triggering some more selling."
Trump has insisted that Iran wants to make a deal to end the war, despite Tehran denying his statements. US and Israeli strikes have continued, as has Iran's retaliation against across the Gulf.
"The simple fact is that sentiment is likely to stay negative for as long as the Strait of Hormuz remains unsafe for shipping and controlled by Iran," said David Morrison, an analyst at Trade Nation. 
Adding to market woes, China on Friday opened an investigation into US trade practices in response to Washington's probes this month of Chinese exports. 
Tokyo's stock market closed lower, while Hong Kong and Shanghai edged up.
Investor doubts about the chance of a peace deal came as governments around the world looked to shore up their economies against surging energy costs, which are adding to inflationary pressures.
Vietnam temporarily waived an environmental levy on fuel to cut petrol prices by more than a quarter, India said it had lowered fuel taxes, and Japan is looking to temporarily lift restrictions on coal-fired power plants in a bid to ease an energy crunch. 

Key figures at around 2015 GMT

Brent North Sea Crude: UP 4.2 percent at $112.57 a barrel
West Texas Intermediate: UP 5.5 percent at $99.64 a barrel
New York - Dow: DOWN 1.7 percent at 45,166.64 points (close)
New York - S&P 500: DOWN 1.7 percent at 6,368.85 (close)
New York - Nasdaq Composite: DOWN 2.2 percent at 20,948.36 (close)
London - FTSE 100: DOWN less than 0.1 percent at 9,701.95 (close)
Paris - CAC 40: DOWN 0.9 percent at 7,701.95 (close) 
Frankfurt - DAX: DOWN 1.4 percent at 22,300.75 (close)
Tokyo - Nikkei 225: DOWN 0.4 percent at 53,373.07 (close)
Hong Kong - Hang Seng Index: UP 0.4 percent at 24,951.88 (close)
Shanghai - Composite: UP 0.6 percent at 3,913.72 (close)
Euro/dollar: DOWN at $1.1517 from $1.1523 on Thursday
Pound/dollar: DOWN at $1.3272 from $1.3313
Dollar/yen: UP at 160.2 yen from 159.83 yen
Euro/pound: UP at 86.78 pence from 86.55 pence
burs-aha/js

US

Fishy trades before major news spark insider trading allegations

BY THOMAS URBAIN

  • Just 15 minutes later, Trump posted on his Truth Social network that talks with Iran were "very productive" -- a dramatic shift in tone after Trump warned Saturday that he had given Tehran 48 hours to reopen the Strait of Hormuz or face strikes on its energy grid.
  • Unusual bursts of trading on the oil and stock markets this week, just minutes before social media posts on the Iran war by President Donald Trump, have added to suspicions of insider trading linked to his administration.
  • Just 15 minutes later, Trump posted on his Truth Social network that talks with Iran were "very productive" -- a dramatic shift in tone after Trump warned Saturday that he had given Tehran 48 hours to reopen the Strait of Hormuz or face strikes on its energy grid.
Unusual bursts of trading on the oil and stock markets this week, just minutes before social media posts on the Iran war by President Donald Trump, have added to suspicions of insider trading linked to his administration.
Democratic lawmakers, traders and industry watchdogs are raising alarms, saying such seemingly prescient bets are forming a pattern that suggests people are profiting from prior knowledge of White House decision-making.
"This is the kind of thing that makes people wonder if their government is acting in their best interest or trying to enrich certain individuals," said Jordan Libowitz, vice president of the ethics watchdog Crew.
In the latest case, trading in oil and S&P 500 futures contracts, in which an investor promises to buy or sell an asset at a fixed price at a later date, saw an unusual spike in trading early Monday.
Just 15 minutes later, Trump posted on his Truth Social network that talks with Iran were "very productive" -- a dramatic shift in tone after Trump warned Saturday that he had given Tehran 48 hours to reopen the Strait of Hormuz or face strikes on its energy grid.
The news sent oil prices plunging and stocks surging. People who placed the flurry of futures trades beforehand likely pocketed tens of millions of dollars, according to calculations by a market operator for AFP.
"Seeing large transactions like these before an announcement is a little suspicious," said Michael Lynch, an oil analyst at Strategic Energy & Economic Research. "It's unusual. You don't see this at this level in the oil market."
Monday's incident came a few weeks after six accounts on the betting site Polymarket made $1.2 million on bets that the United States would attack Iran on February 28, the day the war began.
According to an analysis by the analytics firm Bubblemaps, the bets were placed just hours before the bombings were reported. 
And in early January, an individual pocketed more than $400,000 after betting on Polymarket that Venezuelan leader Nicolas Maduro would be ousted just hours before he was seized in a raid by US forces.
So far, there is no evidence to suggest that Trump or White House officials are linked in any way to these transactions.
"Any insinuation, without evidence, that a member of the government engaged in these acts is baseless and irresponsible," a White House spokesperson told several media outlets. 
Still, critics of the administration see the trades as evidence of corruption.
Democratic Senator Chris Murphy posted on X: "Who was it? Trump? A member of his family? Someone in the White House? This is unbelievable corruption."

'No secret'

The transactions have provided further ammunition for Democratic lawmakers and other critics who have accused Trump of conflicts of interest since the beginning of his second term last year.
Members of his family have made hundreds of millions of dollars in profits from cryptocurrencies, a market he has sought to deregulate.
The Chicago Mercantile Exchange, the world's largest market for trading derivative financial products, and the US Securities and Exchange Commission both declined to comment. 
The Commodity Futures Trading Commission, which regulates derivatives markets, did not respond to several requests for comment.
On Thursday, a group of congressional Democrats introduced a bill that that would ban bets on elections, government actions, war and sports, CNBC reported.
Even some members of Trump's own party are seeking clarity on the trades.
"Someone needs to be publicly shamed for insider trading," said Republican Jeremy Munson, a candidate for the Minnesota Senate.
Mark Neuman, chief investment officer at Hero Asset Management, said it should be possible to discover the identities of those who placed the trades in question, and suggested the problem resulted more from lax oversight.
"When you make a transaction, there are details you have to provide" to the exchanges, "so there's no secret," Neuman said. "If there were stricter regulators in this country, we would find out" their identities.
"But it seems this administration favors less regulation," he said. "It's really sad, because the integrity of the markets is being torn to shreds."
tu/cyb/mjf/js

diplomacy

WTO reform talks coming to the crunch

BY AGNèS PEDRERO

  • Norway's ambassador to the WTO Petter Olberg, who is facilitating the reform talks, is trying to secure agreement on a way through the logjam before talks close Sunday.
  • The ambassador facilitating talks on reforming the World Trade Organization voiced cautious optimism Friday on prospects for progress at a high-level meeting in the Cameroonian capital.
  • Norway's ambassador to the WTO Petter Olberg, who is facilitating the reform talks, is trying to secure agreement on a way through the logjam before talks close Sunday.
The ambassador facilitating talks on reforming the World Trade Organization voiced cautious optimism Friday on prospects for progress at a high-level meeting in the Cameroonian capital.
Reforming the beleaguered global trade body is at the heart of the WTO's four-day ministerial conference -- its main decision-taking event that typically takes place every two years.
The 166-member WTO struggles to reach agreements due to the requirement for consensus, prompting questions over its central role in regulating international trade.
Norway's ambassador to the WTO Petter Olberg, who is facilitating the reform talks, is trying to secure agreement on a way through the logjam before talks close Sunday.
But countries have differing views on how ambitious the reform should be and how to implement it.
The United States has previously indicated it would reject the draft text.
Still, Olberg told AFP and Switzerland's Keystone-ATS news agency on Friday that he was "reasonably optimistic".
 

'Like speed-dating'

 
Also on the agenda is renewing the moratorium on customs duties on e-commerce, which is due to expire on March 31, and agreements on agriculture and facilitating investment for development.
"I remain really quite optimistic about the potential for progress," British Business and Trade Secretary Peter Kyle told reporters.
"This process is ongoing, and when you're in the rooms upstairs, it's a bit like speed-dating. There's a lot of darting around between rooms."
But trade negotiations have long stalled, and its trade dispute settlement system has been paralysed since 2019 by Washington's refusal to appoint judges to the appeals body.
The US has made no secret of its intent to shake up the multilateral trading system. 
"Without them, we can't move forward," confided one delegate from a Southeast Asian country, speaking on condition of anonymity.
"The other members primarily expect the United States to clarify its intentions, and are asking it to demonstrate its continued commitment to the WTO through concrete actions," Sebastien Jean, an associate director at the French Institute of International Relations think-tank, told AFP.
Yaounde marks the WTO's first ministerial conference since US President Donald Trump returned to the White House last year, unleashing attacks on multilateralism and WTO rules with sweeping tariffs and bilateral trade deals.

'Outright bullying'

Ivan Enrile, with Philippine's based NGO IBON International, denounced Washington's seeming desire to "discard even the tiniest pretence of multilateralism, replacing it with coercion, powerplay, and outright bullying".
US Trade Representative Jamieson Greer said Wednesday that Trump's trade policy measures were "a corrective response to a trading system, embodied by the WTO, that has overseen and contributed to severe and sustained imbalances".
Melanie Foley, a deputy director at the US think-tank Public Citizen, said: "Trump attempts to score political points domestically with his chaotic attacks on the global trading system."
Washington has issued two documents, the latest on Monday, on reforming the WTO, contesting some of its fundamental rules.
"The US is setting down an ultimatum, and that ultimatum is that the current global order no longer suits the objectives" of the White House, said Jane Kelsey, a law specialist from the University of Auckland.
apo/rjm/nl/giv

climate

At 'Davos of energy', AI looks to gas to power its rapid expansion

BY NINA ISENI

  • "Gas-fired power, for sure, is critical" to the development of artificial intelligence (AI), Laurent Ruseckas of S&P Global told AFP on the sidelines of the summit. 
  • Natural gas took center stage this week at the world's largest energy conference, as major market players  discussed how to power the rise of artificial intelligence.
  • "Gas-fired power, for sure, is critical" to the development of artificial intelligence (AI), Laurent Ruseckas of S&P Global told AFP on the sidelines of the summit. 
Natural gas took center stage this week at the world's largest energy conference, as major market players  discussed how to power the rise of artificial intelligence.
In the halls of CERAWeek, where around 10,000 experts and executives converged, attendees debated the fastest way to feed the burgeoning technology's massive energy demands, despite carbon neutrality pledges.
"Gas-fired power, for sure, is critical" to the development of artificial intelligence (AI), Laurent Ruseckas of S&P Global told AFP on the sidelines of the summit. 
Dozens of sessions were held addressing how the gas sector can help satisfy AI's insatiable thirst for electricity, or how AI-driven software can, in turn, help the sector optimize its production.
The data centers on which AI -- and cloud technology more broadly -- rely consume vast amounts of electricity, which often has a large carbon footprint.
Natural gas is already the third-largest energy source used by data centers globally, covering 26 percent of demand, according to International Energy Agency figures. 
Coal -- a fuel that emits the highest levels of greenhouse gases -- has the largest share, followed by renewable energy, according to the IEA.
Since 2016, the United States has ramped up its natural gas production, and its Liquefied Natural Gas (LNG) exports have increased 30-fold in that period, according to the US Energy Information Administration (EIA). 
With US President Donald Trump throwing his weight behind fossil fuels -- often sidelining renewable energy -- that trend is only expected to deepen.
This "surge in gas... is coincident and driven by the need to satisfy the growth in AI," said Eric Hanselman, an energy analyst at S&P Global. 
Charles Riedl, president of industry group the Center for Liquefied Natural Gas (CLNG), told AFP "the reliability and dispatch ability of gas is second to none." 
CLNG represents several US industry giants, including Cheniere Energy, Chevron, and ConocoPhillips. 
More than a third of US gas capacity directly powers data centers in the United States, according to a recent study by Global Energy Monitor, a think tank. 
- 'Not sustainable' - 
Some experts, however, remain skeptical about the long-term viability of this model. 
"Will gas play a role in the AI data center future? Yes. But I'm not so sure it's to the same degree as many predict," said Mark Brownstein, senior vice president of the Environmental Defense Fund.
"My belief is that that kind of approach to project development is not sustainable," he added. 
The issue, he said, is that certain projects are "expensive to run," and "the pollution from them is also considerable."
The primary component of natural gas is methane, which, when burned, releases CO2 -- the leading greenhouse gas responsible for global warming.
Gas fields, LNG tankers, pipelines, and distribution lines also give rise to massive leaks of methane -- a gas with an even greater global warming potential than CO2.
In West Virginia, a project to build a gas-fired power plant intended solely to supply a massive data center is facing opposition from many residents concerned about its health and environmental impacts.
It is far from the only one.
Tech giants had previously pledged to achieve carbon neutrality by 2030 or 2040. However, the explosive growth in demand for AI has led them to set these promises aside, according to S&P Global's Ruseckas.
"That's gone out the window," he says. "Gas is the only quick way to get power quickly, which is what the data centers need." 
Another option on the table is nuclear power, which already accounts for 15 percent of global electricity consumption by data centers. 
The rapid growth of AI and its surging energy demand is "making nuclear really part of the solution set now," said Ho Nieh, chairman of the US Nuclear Regulatory Commission, at CERAWeek. 
Nuclear reactors take significantly longer to build than gas turbines, however. 
In January, tech giant Meta announced agreements with three US nuclear energy companies, making it one of the largest corporate buyers of such energy in the United States.
The 6.6 gigawatts of power those plants would provide, however, is not expected to be fully online until 2035. 
ni-ube/aha/ksb

oil

US court overturns $16.1 bn judgment against Argentina over oil firm seizure

  • The court struck down a 2023 ruling from Judge Loretta Preska of the US District Court for the Southern District of New York that ordered Argentina to pay $16.1 billion to minority shareholder companies she said were harmed by the nationalization of YPF. The appeals court said Friday that breach of contract claims made by these companies were not recognizable under Argentine law.
  • A US appeals court on Friday overturned a $16.1 billion judgment against Argentina for nationalizing the oil company YPF in 2012.
  • The court struck down a 2023 ruling from Judge Loretta Preska of the US District Court for the Southern District of New York that ordered Argentina to pay $16.1 billion to minority shareholder companies she said were harmed by the nationalization of YPF. The appeals court said Friday that breach of contract claims made by these companies were not recognizable under Argentine law.
A US appeals court on Friday overturned a $16.1 billion judgment against Argentina for nationalizing the oil company YPF in 2012.
The ruling was a big victory for President Javier Milei as he tries to boost Argentina's troubled economy.
"We won the YPF trial," Milei wrote in capital letters on the social media platform X, calling the 2-1 ruling by the 2nd US Circuit Court of Appeals in New York the "best possible outcome."
The court struck down a 2023 ruling from Judge Loretta Preska of the US District Court for the Southern District of New York that ordered Argentina to pay $16.1 billion to minority shareholder companies she said were harmed by the nationalization of YPF.
The appeals court said Friday that breach of contract claims made by these companies were not recognizable under Argentine law.
The case was heard in the United States rather than Argentina mainly because YPF is listed on the New York Stock Exchange.
Jurisdiction was consistently an issue, as Argentina argued the case should be argued back home but in the end the US courts kept it in New York.
In the expropriation, the Argentine state took over 51 percent of YPF, which at the time was partially controlled by the Spanish energy giant Repsol.
Two years later Repsol was awarded $5 billion in damages but smaller shareholders like Petersen Energia Inversora and Eton Park Capital Management, which together controlled a 25.4 percent stake, got nothing and sued in 2015.
They argued that the government had not made a tender offer, as mandated by Argentine law, to these two companies, which were YPF's second- and third-largest investors.
Argentina has argued that having to pay the settlement -- $18 billion including interest, it says -- would cause severe harm to the finances of a country with persistent debt and inflation problems.
It said the settlement would have amounted to a large chunk of its foreign currency reserves.
YPF is an emblematic Argentine company founded in the early 20th century as a state-owned entity but it was privatized in 1993 and eventually came under the control of Repsol.
Then-president Cristina Kirchner re-nationalized YPF in 2012, arguing that it did not produce enough oil and gas to satisfy Argentine demand.
If the $16.1 billion judgment had been upheld, much of the money would have gone to Britain-based Burford Capital, a company that provides financing for other firms' lawsuits.
mry/dw/msp

war

Mideast war leaves 6,000 tonnes of tea stuck at Kenya port

  • As a result, "six to eight million kilos" are stuck in Mombasa, he told AFP. "So that's an average of $24 million worth of tea at the port," he added.
  • Between 6,000 and 8,000 tonnes of tea, worth around $24 million, is stuck at Kenya's port of Mombasa because of the war in the Middle East, trade officials said Friday.
  • As a result, "six to eight million kilos" are stuck in Mombasa, he told AFP. "So that's an average of $24 million worth of tea at the port," he added.
Between 6,000 and 8,000 tonnes of tea, worth around $24 million, is stuck at Kenya's port of Mombasa because of the war in the Middle East, trade officials said Friday.
The East African Tea Trade Association (EATTA) manages auctions at the port city, which serves as a global marketplace where hundreds of thousands of tonnes of tea from the region are sold every year.
Around 65 percent of the east African tea market has been affected by the war that began on February 28 when the United States and Israel launched strikes on Iran, EATTA director George Omuga said.
As a result, "six to eight million kilos" are stuck in Mombasa, he told AFP.
"So that's an average of $24 million worth of tea at the port," he added.
The tea has been sold to customers but cannot be shipped, mainly to the Middle East, which accounts for about 20 percent of the market, he estimates.
Shipments to Pakistan, which makes up 40 percent of the market, have also been disrupted by a surge in transport costs because of changes in shipping routes and higher insurance premiums.
Tea sales, meanwhile, have fallen by nearly 20 percent in recent weeks because of the war, resulting in lost revenue of $8 million per week.
Kenyan meat and horticulture are also feeling the impact of the conflict, suffering losses amounting to millions of dollars every week.
During the first three weeks of March, only five percent of the 150 to 200 tonnes of daily meat exports were delivered, most of which were destined for the Middle East, according to Nicholas Ngahu, CEO of the Kenya Meat and Livestock Exporters Industry Council (KEMLEIC).
The Middle East also accounts for between 10 and 15 percent of Kenya's flower exports, and serves as a major transit point, particularly for shipments to Europe.
The disruption is troublesome for Kenya, which is also dependent on fuel imports.
Pump prices remained unchanged in March, but traders are worried about the consequences of a possible surge.
Vivo Energy Kenya, which operates Shell service stations in the east African country, on Thursday reported "temporary stock-outs at some service stations", attributed to a rise in demand.
The firm said it is "working continuously to replenish affected sites as quickly as possible", without providing further details.
Thousands of independent service stations are facing supply shortfalls as "panic buying is driving demand", John Njogu, CEO of the Petroleum Outlets Association of Kenya, told AFP.
But unlike neighbouring Ethiopia, long queues have not yet formed at Kenyan petrol stations.
jcp/ayv/giv/jhb

Israel

Overnight petrol queues in Ethiopia as war shortages hit

BY TOLERA FIKRU GEMTA AND DYLAN GAMBA

  • I spent the night in my car without food," said taxi driver Awoke Derese on Friday morning.
  • Ethiopians said Friday they slept in their cars in hours-long queues for petrol as shortages caused by the Middle East war began to take their toll. 
  • I spent the night in my car without food," said taxi driver Awoke Derese on Friday morning.
Ethiopians said Friday they slept in their cars in hours-long queues for petrol as shortages caused by the Middle East war began to take their toll. 
The effective blockade of the Strait of Hormuz by Iran, through which a fifth of the world's oil and gas normally passes, has caused shortages in many countries. 
Ethiopia, a nation in the Horn of Africa with around 130 million people, is particularly vulnerable as it imports all its petrol, primarily from the Gulf.
Drivers waiting in an enormous queue at a petrol station in the Summit 72 area of the capital Addis Ababa said the wait was "more than a day". 
"I've been in the queue since last night at around 7:00 pm. I spent the night in my car without food," said taxi driver Awoke Derese on Friday morning.
"I have already lost two days of business. I pay 2,000 birr ($13) per day in rental fees for the car. My family is at risk because I can't support them," he told AFP. 
Shortages started to be noticed earlier this week. At another petrol station in the Summit 72 area, a worker said they had been closed for four days and did not know when fresh deliveries would arrive. 
Bakery worker Natenahel Gedamu said his business needed fuel for generators and baking machines. 
"We ran out yesterday and have not produced anything since," he said.
"I'm worried the station may run out of fuel before I reach it. I've already tried several stations -- this feels like my last chance," added Natenahel, who had been queueing since 4:00 pm the previous day.
Land-locked Ethiopia relies on the port of Djibouti for its imports. It has only 13 strategic reserve depots, according to the state-owned Ethiopian Petroleum Supply Enterprise, which did not respond to requests for comment from AFP. 
Prime Minister Abiy Ahmed last week urged Ethiopians to "use oil sparingly and prioritise basic needs" until "the problem is resolved". 
More than 40 percent of Ethiopians live below the poverty line, according to the World Bank, and fear the inflation -- already running around 10 percent -- from rising fuel prices.
Addis Ababa has been undergoing a major reconstruction drive in recent years, but some building projects were on hold this week, AFP journalists saw. 
This included the "corridor" project to widen and renovate its streets and work in the Bole district near the airport. 
tg-dyg/er/kjm

diplomacy

E-commerce in the crosshairs at WTO in digital taxes battle

BY AGNèS PEDRERO

  • From 1998 onwards, the temporary moratorium on customs duties on electronic transmissions has been renewed at successive WTO ministerial conferences.
  • The future of digital taxes is dividing countries at the World Trade Organization, with the moratorium that has prohibited customs duties on electronic transmissions since 1998 front and centre in the debate.
  • From 1998 onwards, the temporary moratorium on customs duties on electronic transmissions has been renewed at successive WTO ministerial conferences.
The future of digital taxes is dividing countries at the World Trade Organization, with the moratorium that has prohibited customs duties on electronic transmissions since 1998 front and centre in the debate.
The moratorium is highly important for developed countries -- notably for the United States, which is calling for it to be made permanent rather than kept under regular review.
So far, only India has openly voiced disagreement with renewing the moratorium, according to several sources close to the discussions in Yaounde at the WTO's ministerial conference, the organisation's biennial supreme decision-making body.
"There is only one country that's been vocally not supporting," a Western diplomatic source told AFP.
"Normally, it's kind of a handful of countries, whereas it's only been one so far this time."
But since decisions are made by consensus at the WTO, exerting pressure on this issue could be a way for India to gain concessions elsewhere.

Software, cloud, telemedicine

WTO members generally apply tariffs to imported goods and services, but in 1998, they agreed not to impose them on e-commerce.
"The rule is to have no tariffs on what circulates via the internet," Valerie Picard, an official with the International Chamber of Commerce, who is attending the conference, told AFP.
"So when you download software, when an SME uses the cloud, when a freelancer sells a design service abroad, there are no taxes at the border," she said.
"The moratorium applies to everything that is digital. It goes far beyond digital books and music. It also includes, for example, security updates, online courses, telemedicine," she added.
From 1998 onwards, the temporary moratorium on customs duties on electronic transmissions has been renewed at successive WTO ministerial conferences.
However, discussions were particularly tense at the last ministerial meeting in 2024 in Abu Dhabi. At the last minute, India agreed not to veto an extension -- but only for a maximum of two years.
In the absence of a common understanding on the scope, "the continued extension of this moratorium warrants careful reconsideration", India's commerce minister Piyush Goyal said Thursday.
The moratorium is set to expire on March 31, unless ministers in Yaounde decide otherwise.
The African, Caribbean and Pacific Group of States at the WTO is proposing to keep the moratorium until the next ministerial conference.
The United States, supported by several countries including Japan, Mexico, Australia, Norway and Switzerland, wants to make the moratorium permanent.
"The United States is not interested in another temporary extension of the moratorium," US Trade Representative Jamieson Greer said Thursday.

'Worst case' scenario

Approving an open-ended moratorium "will deliver stability and predictability for all traders", while showing that the WTO can deliver results, said Joseph Barloon, the US ambassador to the organisation.
To limit opposition to the moratorium, the United States under President Donald Trump has negotiated a clause in recent bilateral agreements with certain countries, notably Indonesia.
"The worst case would, of course, be that we don't have an extension of the moratorium. That's something that we cannot exclude," the Swiss WTO ambassador Erwin Bollinger said ahead of the conference.
Some developing countries are more reticent about the moratorium because they see it as a loss of tax revenue and argue that the rapid pace of digital transformation only exacerbates the problem.
According to a 2023 study published by the Organisation for Economic Co-operation and Development, the potential budgetary impact of the moratorium is limited, "amounting to, on average, 0.68 percent of total customs revenue or 0.1 percent of total government revenue".
The OECD also noted that in most countries, the shortfall could be offset by increased VAT revenue from imports of digital services.
apo/ag/rjm/rl

automobile

Volkswagen in talks with defence firms on use of Germany plant: CEO

  • "The Volkswagen company's activities in the defence sector would rather focus on military transport, because that is our core competence."
  • Struggling German carmaker Volkswagen is in talks with defence firms to repurpose a plant in northern Germany for the production of military transport equipment, the firm's boss said Friday. 
  • "The Volkswagen company's activities in the defence sector would rather focus on military transport, because that is our core competence."
Struggling German carmaker Volkswagen is in talks with defence firms to repurpose a plant in northern Germany for the production of military transport equipment, the firm's boss said Friday. 
Europe's biggest auto manufacturer is battling a crisis due to factors ranging from a stuttering shift to electric cars and fierce Chinese competition, and the 10-brand Volkswagen Group is in the process of cutting 50,000 jobs by 2030. 
As part of the savings plans, car production is due to end at a factory in the city of Osnabrueck, and the group has been exploring other uses for it.  
"We are in contact with various defence companies," Volkswagen Group CEO Oliver Blume said at a congress organised by the FAZ newspaper in Frankfurt. 
"This could also be a solution for Osnabrueck," he added.
The Financial Times reported this week Volkswagen is in talks with Israel's Rafael Advanced Defence Systems to switch production at VW's Osnabrueck plant to make components for the Iron Dome air defence system, including heavy-duty trucks and electricity generators but not the projectiles themselves.
Volkswagen could benefit from the expansion into the defence sector, which is booming as Europe re-arms. That could help offset losses at its carmaking business, with profits last year at their lowest for almost a decade.
Blume however insisted that Volkswagen was "not concerned with weapons systems". 
"The Volkswagen company's activities in the defence sector would rather focus on military transport, because that is our core competence."
Volkswagen's Osnabrueck site currently employs about 2,300 people making the T-Roc Cabriolet as well as the Cayman and Boxster for sister brand Porsche.
The agreement to wind down production there was part of an agreement struck with unions at the end of 2024. 
Asked about the FT report earlier this week, a government spokesman declined to comment directly. 
But he noted that "the automotive industry is undergoing a transformation and faces intense international competition." 
"We naturally welcome initiatives that secure jobs in Germany."
vbw/sr/gv

transport

German state railway loss widens, passengers warned of trouble ahead

  • Speaking on Friday, Palla said it would take time for the railway to improve both its financial performance and its service.
  • Germany's beleaguered state railway operator Deutsche Bahn said Friday its losses widened last year and warned passengers to brace for less-than-perfect service for years to come.
  • Speaking on Friday, Palla said it would take time for the railway to improve both its financial performance and its service.
Germany's beleaguered state railway operator Deutsche Bahn said Friday its losses widened last year and warned passengers to brace for less-than-perfect service for years to come.
Deutsche Bahn lost 2.3 billion euros ($2.6 billion) in 2025, compared to a loss of 1.8 billion euros a year earlier, hit by a 1.4-billion euro blow to the value of the long-distance division, DB Fernvekhr.
In bad news for long-suffering passengers, DB head Evelyn Palla told a press conference that the write-off resulted from expectations of a poor service stretching into the future.
"We have reassessed our future revenue forecasts, basing them on the actual state of our infrastructure," she said. "And this remains inadequate."
Long derided at home, DB made headlines abroad during the 2024 European Football Championships after fans and even players arrived at destinations hours later than planned.
Almost 40 percent of long-distance services arrived late last year -- not including trains that were cancelled, which are not counted in punctuality statistics.
Germany's government has promised to borrow and spend billions on renewing the network. 
But Transport Minister Patrick Schnieder in September pushed back a punctuality target of 70 percent for long-distance trains to 2029 from 2026.
Speaking on Friday, Palla said it would take time for the railway to improve both its financial performance and its service.
"There is a long way ahead of us," she said. "It will take at least 10 years to get German railways back into good shape. We need to recognise this reality and put it into our numbers."
Though fully-owned by the government, DB is nevertheless under pressure to boost profitability.
DB Cargo, its loss-making freight arm, is facing an EU investigation under state aid rules and the firm said in February it would cut about 6,000 jobs in Germany, equivalent to half its domestic workforce.
Without the write-off, DB's operating profit improved by over 600 million euros to 297 million euros after an operating loss in 2024.
vbw/fz/gv

US

Japan to boost coal-fired power as Mideast war causes energy turmoil

  • But Yoko Mulholland of climate think-tank E3G told AFP that the plans to lift coal power restrictions "deepen the risk that Japan will not meet its goal of phasing out inefficient coal plants by 2030". 
  • Japan's government plans to temporarily lift restrictions on coal-fired power plants as it seeks to ease an energy crunch caused by the Middle East war, officials said on Friday. 
  • But Yoko Mulholland of climate think-tank E3G told AFP that the plans to lift coal power restrictions "deepen the risk that Japan will not meet its goal of phasing out inefficient coal plants by 2030". 
Japan's government plans to temporarily lift restrictions on coal-fired power plants as it seeks to ease an energy crunch caused by the Middle East war, officials said on Friday. 
Officials presented the plan at a meeting of a panel of experts, who approved the proposal, the industry ministry said on its website.
"Given the current situation in the Middle East affecting fuel prices, we believe that uncertainty regarding future LNG procurement is increasing," an industry ministry official said at the meeting, which was broadcast online.
"We think it will be necessary, by increasing the operation of coal-fired power plants, to... ensure the reliability of stable supply," he said.
Power suppliers have previously been required to keep the operating rate of coal-fired thermal power stations that emit large amounts of carbon dioxide at or below 50 percent.
But the government now intends to allow the full operation of older, less efficient coal-fired plants, for a year from the new fiscal year starting April, according to the plan presented at the meeting.
Japan relies on thermal power plants to generate around 70 percent of its electricity needs, with coal constituting 30 percent of their fuel.
Liquefied natural gas (LNG) accounts for another 30 percent, and oil comprises seven percent.
The emergency measure to boost reliance on coal is estimated to "result in an LNG savings effect of approximately 500,000 tonnes", the official added.
But Yoko Mulholland of climate think-tank E3G told AFP that the plans to lift coal power restrictions "deepen the risk that Japan will not meet its goal of phasing out inefficient coal plants by 2030". 
Not only threatening climate health, the move can also "lock Japan into a vicious cycle of fossil-fuel dependence" and delay progress toward Prime Minister Sanae Takaichi's stated goal of 100 percent domestic energy self-sufficiency, she said. 
"This crisis has laid bare the risks of relying on imported fossil fuels, and now is the time for Japan to shift course to fully embrace renewable energy as a strategic national asset."
Since the Middle East war prompted Iran to partially close the crucial Strait of Hormuz trade route and target energy facilities in the Gulf, many Asian nations have pivoted towards coal to power their economies.
South Korea plans to lift a cap on coal-powered generation capacity while also increasing nuclear plant operations.
The Philippines also intended to boost the output of its coal-fired power plants to keep electricity costs down as the war wreaks havoc with gas shipments.
Japan is the fifth-biggest importer of oil with more than 90 percent of it coming from the Middle East.
Around 10 percent of its LNG imports are also from the region.
Tokyo purchases nearly 80 percent of its coal imports from Australia and Indonesia, according to the Agency for Natural Resources and Energy.
Japan on Thursday said it had also started to release another part of its strategic oil reserves, as it faced supply challenges to its oil imports.
hih-kh-tmo/fox

fashion

Global mohair supply flourishes in South Africa's desert

BY CLéMENT VARANGES

  • Almost everything is palatable," said Sean Hobson, whose family has raised angoras on his farm since 1865.
  • On a farm in South Africa's semi-arid south, herds of angora goats foraged across open land stretching to the horizon, their pale fleeces glinting in the harsh sun.
  • Almost everything is palatable," said Sean Hobson, whose family has raised angoras on his farm since 1865.
On a farm in South Africa's semi-arid south, herds of angora goats foraged across open land stretching to the horizon, their pale fleeces glinting in the harsh sun.
Linked by dirt tracks and dotted with remote farms, the sparsely populated Karoo region sits at the heart of the global mohair trade, supplying more than half of the world's output of the fibre prized for its sheen and softness.
A Cape Dutch-style gable in one corner of the farm bears the inscription "Wheatlands 1912." 
"This is the newest house on the property," said Lloyd Short, who grew up on the 7,700-hectare (19,000-acre) family farm.
But Wheatlands owes its reputation not to architecture or rural charm, but to its goats with drooping ears, curved horns and lustrous golden fleeces.
Their silky curls can fetch up to 900 rands ($53) per kilogramme and are used in knitwear, often blended with wool. 
The Italian mill Vitale Barberis Canonico, renowned for luxury suit fabrics, is among those sourcing South African mohair for their yarn.
"The first two shearing are the most valuable," said Short, a seventh-generation farmer, who collects an average of between one and 1.5 kilogrammes per animal. Output rises slightly with age, but the fibre loses value over time.
Short and his brother each have around 2,000 goats and supply a major French fashion house exclusively, allowing it to trace its sourcing and protect its brand.
The industry's reputation was tested in 2018, when animal rights organisation People for the Ethical Treatment of Animals (PETA) released footage of a goat killed after an artery was accidentally cut during shearing -- an incident farmers say is rare.
Brands, including Swedish H&M, American Gap, Zara and Topshop, swiftly dropped mohair.
Confidence only began to recover after the introduction of an independently audited animal welfare certification.
"Farmers go through annual audits, so they get visited once a year by their brokers and then they also get third-party audited," said Marco Coetzee, director of the sector's representative organisation, Mohair South Africa.

'Specialised fibre'

South Africa accounted for 56 percent of global production in 2024, according to industry figures.
The sector supports around 30,000 jobs, including hundreds in the Karoo, an unlikely new home for a breed originally from Turkey.
How the goats arrived in the 19th century remains unclear. Accounts differ whether they were a gift from an Ottoman dignitary or imported by a British officer. 
More than one and a half centuries later, angoras thrive on the region's succulent plants.
"It's an incredibly healthy area, there are wonderful veld species, sweet plants. Almost everything is palatable," said Sean Hobson, whose family has raised angoras on his farm since 1865.
More humid regions are less suitable due to parasites and ticks, he explained.
To protect the animals, farmers dip them between the twice-yearly shearings, followed by a conditioning rinse to help the fibres form their distinctive curl.
"The world buys mohair, firstly because of the lustre," said Pierre van der Vyver, chief executive of broker House of Fibre, adding it "is very strong, doesn't break or shrink."
The smell of a shearing shed hangs in the air at his warehouse near the port city of Gqeberha, formerly known as Port Elizabeth, where hundreds of bales await shipment.
Alongside South African rival OVK, the company controls more than 70 percent of global supply, with neighbouring Lesotho accounting for another 16 percent.
Almost all buyers, except Vitale Barberis Canonico, purchase mohair in bales. Processing is dominated by two South African firms, Samil and Stucken, which also handle fibres from Australia and the United Kingdom.
"The Chinese want to compete with us, but fortunately, there is a lot of technique involved in mohair processing," said van der Vyver. 
"It's a far slower process than for wool processing. It is a specialised fibre."
clv/fal/ho/giv/kjm

Global Edition

Nepali rapper Shah sworn in as prime minister

BY PAAVAN MATHEMA

  • "It makes me even more delighted to have a 35-year-old youth as my successor," the outgoing interim prime minister, who hugged Shah after he took the oath, said in a statement.
  • Nepal's rapper-turned-politician Balendra Shah was sworn in as prime minister on Friday after sweeping the first election since deadly anti-corruption protests toppled the government last year.
  • "It makes me even more delighted to have a 35-year-old youth as my successor," the outgoing interim prime minister, who hugged Shah after he took the oath, said in a statement.
Nepal's rapper-turned-politician Balendra Shah was sworn in as prime minister on Friday after sweeping the first election since deadly anti-corruption protests toppled the government last year.
The 35-year-old reformist and his Rastriya Swatantra Party (RSP) dominated polls this month on a platform of youth-driven political change.
"I, Balendra Shah, in the name of the country and people, pledge that I will be loyal to the constitution," Shah said, dressed all in black, including his trademark dark sunglasses.
Crowds at the ceremony cheered and chanted his name after he formally took office, where he named key cabinet posts, including former youth activist Sudan Gurung as interior minister.
At least 77 people were killed in the anti-corruption youth uprising, which began over a brief social media ban but tapped into longstanding fury over economic hardship in the nation of 30 million people.
Shah, better known as Balen, was sworn in a day after he released his first public statement since winning the March 5 elections, via a rap song posted on social media.
"The strength of unity is my national power," Shah sang in the song, which has racked up nearly three million views since being released on social media and streaming sites on Thursday evening.
Shah had remained silent publicly since his RSP party won the election in a landslide, winning a commanding majority of 182 in the 275-seat House of Representatives.
He campaigned alongside the RSP president, combative television host Rabi Lamichhane, 51, a former deputy prime minister and interior minister and now a fellow lawmaker who retains a pivotal role in power.
"My heart is full of courage, my red blood is boiling; my brothers stand with me, this time we will rise," Shah said in his song, over a video of him campaigning for election.
"May my breath not run out; I will run like a leopard," he added.
Finance Minister Swarnim Wagle, a former United Nations economic advisor, takes up hard task of reforming Nepal's battered economy.
Foreign Minister Shishir Khanal, a former education minister, must balance landlocked Nepal's relations between giants India and China.
Indian Prime Minister Narendra Modi was swift to congratulate Shah on Friday, saying he looked forward to taking "India-Nepal friendship and cooperation to even greater heights", he said in a statement.
China also congratulated Shah, with foreign ministry spokesman Lin Jian telling reporters Beijing wanted to "deepen practical cooperation" with Nepal.

'Caution and boldness'

Sushila Karki, 73, a former chief justice who had led the caretaker administration for six months, said the country's future lay in the hands of a younger generation.
"It makes me even more delighted to have a 35-year-old youth as my successor," the outgoing interim prime minister, who hugged Shah after he took the oath, said in a statement.
"May you succeed in honouring the people's mandate by striking a balance between caution and boldness."
Karki, who had ordered an investigation into the crackdown on protesters, said in her statement Thursday that a report with the findings would be released. She did not give further details.
According to a leaked copy of the report seen by AFP, the commission investigating the events recommended the prosecution of ex-prime minister KP Sharma Oli, who was toppled in the uprising.
Four-time prime minister and Marxist leader Oli, 74, was defeated by Shah in Oli's own constituency. 
At least 19 young people were killed in a crackdown on the first day of protests. No one has been convicted of the killings.
Former interior minister Ramesh Lekhak and ex-police chief Chandra Kuber Khapung should also be investigated and prosecuted, according to the recommendations in the report.
The report said that in 48 of the 63 completed autopsies victims died from bullet wounds, with the majority struck in the chest or head.
pm-pjm/lga

US

Cryptocurrencies aiding Iran during war

BY LUCIE LEQUIER

  • In a country where inflation was already nearing 50 percent before the conflict started, cryptocurrencies are acting as a "lifeline" for the population in the face of the collapse of the national currency, said analyst Martin. lul-bcp/rl/abs/ami
  • Since the start of the Middle East conflict, Iran has witnessed massive cryptocurrency flows.
  • In a country where inflation was already nearing 50 percent before the conflict started, cryptocurrencies are acting as a "lifeline" for the population in the face of the collapse of the national currency, said analyst Martin. lul-bcp/rl/abs/ami
Since the start of the Middle East conflict, Iran has witnessed massive cryptocurrency flows.
Experts say they are being used to circumvent sanctions placed on Iran's Revolutionary Guards as well as a financial safe haven by civilians hit by soaring inflation.
AFP examines how exactly digital currencies are being used in the country.

Millions of dollars

In an unusually large movement, more than $10 million worth of cryptocurrencies left Iranian exchange platforms between February 28 -- the first day of Israeli-US airstrikes -- and March 2, according to data analytics firm Chainalysis.
By March 5, nearly one-third of these funds had been transferred to foreign exchanges.
While some of this exodus can be explained by citizens rushing to protect their savings, the sheer size of the sums involved suggests the involvement of "regime actors", Kaitlin Martin of Chainalysis told AFP.
Such action would likely occur out of fear of further sanctions or cyberattacks, according to experts.
In June 2025, at the height of the previous Israel-Iran conflict, leading cryptocurrency platform Nobitex had $90 million stolen by hackers linked to Israel, according to blockchain company TRM Labs.

Iran implicated

According to Chainalysis, several digital wallets used during this surge in cryptocurrency activity are directly linked to the Revolutionary Guards.
"Even during these internet outages some outflows are seen, suggesting that some have access to the exchange's cryptoasset holdings even when its website is inaccessible," noted cryptocurrency analysts Elliptic.
The state's grip is massive. Last year, wallets associated with the Guards were funded with more than $3 billion in cryptocurrencies, representing more than half of the country's cryptocurrency flows -- a share that continues to grow according to Chainalysis.

'Shadow banking'

For Iran, largely cut off from the traditional financial system by international sanctions, cryptocurrencies are an alternative channel -- allowing the state to sell embargoed oil or to discreetly finance allied armed groups, such as the Houthi rebels in Yemen according to US authorities.
The Financial Times earlier this year reported that Iran offered ballistic missiles, drones and other advanced weapons systems for sale using cryptocurrencies.
These digital assets contribute to a veritable "shadow banking", Craig Timm of the anti-money laundering organisation ACAMS, told AFP.
Quicker to send and less expensive than a bank transfer, cryptocurrencies are difficult to trace owing also to loopholes in global regulations, he added.

'Lifeline'

The Revolutionary Guards and Iranian central bank favour "stablecoins" -- digital currencies generally pegged to the dollar in a bid to avoid volatility.
But civilians are turning en masse to bitcoin, the world's leading cryptocurrency, which can be withdrawn from platforms and stored in personal wallets, beyond the authorities' reach.
Bitcoin currently trades for more than $68,000.
This strategy was already widely evident during brutally suppressed protests in Iran ahead of the war, according to Chainalysis.
In a country where inflation was already nearing 50 percent before the conflict started, cryptocurrencies are acting as a "lifeline" for the population in the face of the collapse of the national currency, said analyst Martin.
lul-bcp/rl/abs/ami

energy

Myanmar travellers ride the rails as fuel prices rise

BY HLA-HLA HTAY

  • At Naypyidaw station, 26-year-old monk Zanaka said he was taking a train for the first time in his life.
  • Myanmar's ageing railway stations are bustling with life, crowded with passengers as surging fuel prices due to the Mideast war drive commuters to choose trains over costly planes and cars.
  • At Naypyidaw station, 26-year-old monk Zanaka said he was taking a train for the first time in his life.
Myanmar's ageing railway stations are bustling with life, crowded with passengers as surging fuel prices due to the Mideast war drive commuters to choose trains over costly planes and cars.
On a journey from the country's largest city Yangon to the capital Naypyidaw AFP journalists sat in air-conditioned carriages full of travellers napping and sharing tea, fried rice and instant noodles.
First class adult train tickets cost 19,000 kyats ($4.50), while the cheapest bus fares for the route now start at 35,000 kyats.
At one point on Thursday the train chugged past a queue of trucks waiting for fuel -- the trains themselves run on diesel, with the state railway company maintaining its own stocks.
People dozed on station benches or sat on luggage on  platforms as they waited for their trains.
Myanmar has been consumed by a civil war since 2021, when a military coup swept aside Aung San Suu Kyi's democratically elected government, sparking armed resistance to junta rule.
Rail travel is not traditionally the most popular mode of transport in the country, and many trains are older and less comfortable, while much of the network was built under British colonial rule. 
But people from rural areas have long relied on affordable railways to journey between cities -- despite occasional attacks by rebel forces targeting trains since 2021.
"The costs are high if we use a car. Also there are not many security checkpoints on the train," said Zeya Ko Ko, 28, a passenger on the Naypyidaw train.
"Buses are also challenging as fuel can run out in some areas due to the fuel crisis."

First time

Since the US-Israel war against Iran began nearly a month ago, global fuel prices have soared with international shipping disrupted and fears of shortages, especially in import-reliant Asia.
In Myanmar, prices at the petrol pump have jumped and the junta has instituted fuel-saving measures, including alternate day bans on private vehicles, based on odd- or even-numbered licence plates.
Long queues of cars and motorbikes have formed at petrol stations around the country in the last three weeks.
"We have difficulty travelling for urgent health problems. As private vehicles are being restricted with even-odd numbers, we cannot leave right away when we are sick," said Pearl Hmway, a 53-year-old restaurant owner from Mandalay region, as she waited for for a train home.
A Naypyidaw station official told AFP more people were using trains because of fuel shortages, and extra services had been laid on.
"The government increased the number of scheduled trains because of higher demand," he said, speaking on condition of anonymity as he was not authorised to speak to the media.
Passengers said train tickets were selling out quickly, making booking them online harder.
At Naypyidaw station, 26-year-old monk Zanaka said he was taking a train for the first time in his life.
Bus fares had risen alongside fuel prices, making his journey twice as expensive by road as by rail, he explained.
"That's why we are taking the train on the way back," he said. 
"The train is faster and there's no need to wait in a queue."
bur-sco/slb/ane