Economy

2023-07-07 16:47:33

“The Chinese Communist Party is exploiting the vast cobalt resources of the DRC to fuel its economy, on the backs of exploited workers and by using child labor”. It was without mincing words that the Republican Chris Smith introduced, at the end of June, in the American House of Representatives, a measure aimed at prohibiting the importation of Congolese cobalt and lithium resulting from child labor and other forms of ‘abuse.

ReadHow China and the United States are fighting over Africa

This sanction is part of the continuity of the campaign that Washington has been waging once morest Beijing in Kinshasa for several years. The DRC, which holds almost all of the world’s reserves of the precious cobalt, essential for the manufacture of electric batteries, is a strategic partner that the United States and China* are fighting over.

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#underside #rivalry #United #States #China #Jeune #Afrique

2023-07-08 01:48:21

Bell Media announced late Friday that it was suspending its ads on Meta-owned social networks, Instagram and Facebook, in response to the giant’s decision to block journalistic content on its platforms.

• Read also: Blocking of news: Quebecor, Cogeco and La Presse cease their placements on Meta

• Read also: Common Front in Quebec and Ottawa once morest Meta

“Like many Canadians, we are concerned regarding Meta’s decision to block links from our news organizations and the impact of this decision on Canadians and those who reside or work here. Everyone should be able to count on independent and reliable information from Canadian sources,” said Wade Oosterman, President of Bell Media.

“The Online News Act will provide the right framework for fair negotiations to ensure access to quality information with a Canadian perspective, which is essential for our democracy,” he added.

Bell Media is thus added to the list of those who retaliate once morest Meta, namely the media, Ottawa and Quebec, many cities and certain state corporations in particular.

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#News #blocked #Meta #Bell #Media #suspends #network #ads

2023-07-08 06:15:00

Oil prices

Concerns regarding supply shortages and buying demand overwhelmed the market

New York – Archyde.com

Posted on: July 08, 2023: 10:15 AM GST Last updated: July 08, 2023: 10:39 AM GST

Oil prices rose regarding 3%, hitting their highest levels in 9 weeks, in Friday’s session, as concerns regarding supply shortages and technical buying outweighed concerns that raising interest rates would slow economic growth and lower demand for oil.

Brent crude futures rose $1.95, or 2.6%, to settle at $78.47 a barrel. US West Texas Intermediate crude increased by $2.06, or 2.9%, to $73.86 a barrel.

This is the highest closing level for Brent crude since May 1 and the highest for WTI since May 24. Both benchmarks gained regarding 5% for the week.

“The rally over the past week or so … has been very strong and supported by momentum, along with the new cuts announced by Saudi Arabia and Russia,” said OANDA Senior Market Analyst, Craig Erlam.

This week, the two countries announced new production cuts, bringing the total reduction in production of the “OPEC +” alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to regarding 5 million barrels per day, which is equivalent to 5% of global demand for crude.

“It is expected that the production cuts of the OPEC + alliance will lead to a scarcity in the market, which will lead to a shortage of supplies in the second half of 2023 and boost oil prices,” analysts at the American company Morning Star Financial Services said in a note.

Sources close to “OPEC” said that the organization will likely maintain its optimistic forecast of oil demand growth next year.

A government source told Archyde.com that Russia’s latest pledge to cut oil exports would not require a similar cut in production.

Prices also drew support from the decline in the dollar index to its lowest level in two weeks, following data showed less-than-expected job growth in the United States, but it is strong enough to push the Federal Reserve (the US central bank) to resume raising interest rates later this month, as previously indicated.

The dollar’s decline makes crude oil less expensive for holders of other currencies, which might boost demand for oil.

According to CME Group’s Videowatch service, the probability that the US central bank will raise interest rates by 25 basis points at its July 25-26 meetings is now around 95%, up from 92% just before the jobs data was released.

Higher borrowing costs would slow economic growth and reduce demand for oil.

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