International
Middle East crisis, Russian-Ukraine war may trigger gas crisis in Europe— German govt, others
Middle East crisis, Russian-Ukraine war may trigger gas crisis in Europe— German govt, others
NEW ORLEANS: The Head of Energy Policy Department, Federal Ministry for Economic Affairs and Climate Action, Germany, Stefan Rolle and the Head of Trading & Optimizing, Gasum, Jouni Liimatta, have said that the crisis in the Middle East and the Russian-Ukraine war may affect Liquefied Natural Gas (LNG) prices in Europe.
The stakeholders gave the explanation during a panel-led discussion at the 20th edition of the Americas Energy Summit.
The panel discussion was on the ‘role of LNG in providing energy security to Europe in the short and long-term.
Stefan said, “I think there are many possibilities that may be realised. For example, a drastic change in demand for energy in East Asia due to a quick recovery of the Chinese economy. Also, the disruptions of important critical infrastructure in some parts of the world not necessarily in Europe but also in other parts of the world.
“This could change the picture, and there are also difficulties which have to be faced and which we cannot foresee. So, they exist.”
Stafen said if Russian LNG had been banned in Europe, there would have been a spike in prices until equilibrium was found.
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The crisis between Israel and Palestine had worsened the energy crisis in Europe which was induced by the Russian-Ukraine war.
Recall that in October last year, LNG prices spiked more than 40 per cent to $18.35 amid the Israel-Palestine war.
Liimatta said, “Unfortunately there has been a lot of war ongoing in the world in very critical places and I fear that if the Middle East crisis expands, the Russian-Ukraine war could expand as well. This could change the picture completely. So, I’m not seeing any positive surprises coming on.
“It is more pessimistic to me. If there are prices, it will be pessimistic. We are already seeing a couple of gas pipelines exploding or being damaged in Europe. Hopefully let’s say the Norwegian Continental Shelf Pipeline continues to Europe, but if something happens to those, we will have a huge crisis in Europe. Unfortunately, negative gas prices could happen.”
According to him, placing a ban on Russian LNG by European countries will take time due to challenges in individual countries.
Liimatta argued that although the Russian LNG contributes about 8 per cent of the whole gas supplies to Europe, it would take time for European countries to ban the commodity.
He said, “Realistically, even though the Russian LNG is only around 5-8 per cent of the whole gas supplies to Europe, it will take until 2025 or 2026 for it to be banned because that is when new LNG [productions will be going on into the market from US or Qatar.
“So, unfortunately, the Russian LNG will probably still come to Europe for another year or two.”
Middle East crisis, Russian-Ukraine war may trigger gas crisis in Europe— German govt, others
International
Updated: Three years after separation, Melinda resigns as co-chair of Bill & Melinda Gates Foundation
Updated: Three years after separation, Melinda resigns as co-chair of Bill & Melinda Gates Foundation
Melinda French Gates said on Monday she would resign as co-chair of the Bill & Melinda Gates Foundation that she helped lead for about 24 years.
In May 2021, the couple announced their plans to divorce after 27 years of marriage. Despite their breakup, they agreed to continue working together at the foundation.
But that other agreement has broken down too.
“After careful consideration and reflection, I have decided to step down from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda, 59, wrote in a statement on Instagram on Monday, May 13.
“My last day at the foundation will be June 7.”
As part of her separation agreement from former husband and founder of Microsoft, Bill Gates, Melinda said she would receive additional $12.5 billion for her charitable work.
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According to her, she plans to put the funds in her next venture of helping women and their families.
“I will tell you more about what this will look like in the near future,” she added.
Melinda also said, “This is not a decision I came to lightly.
“I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world.”
Three years after separation, Melinda resigns as co-chair of Bill & Melinda Gates
International
Man shoots stepmom trying to hug him during graduation ceremony
Man shoots stepmom trying to hug him during graduation ceremony
A woman has been shot by her stepson after she tried to hug him during a high school graduation ceremony.
The incident happened on Wednesday at Albuquerque in New Mexico, United States of America.
The man identified as Christian Bencomo, 21, is currently being held with no bail.
According to Fox News, Albuquerque Police Department (APD) said it received a call around 5 p.m. that shots were fired at the Albuquerque Convention Center.
The media outlet report that authorities said the woman was attending the Southwest Secondary Learning Center graduation for her son.
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Her stepson arrived and “as she started to hug him, he produced a handgun and shot her in the neck,” police said.
APD Communications Director, Gilbert Gallegos, told the media at the scene there was a lot of chaos at the time.
Gallegos said there were over 100 people at the charter school graduation ceremony at the time, adding that the woman was rushed to a hospital and is expected to survive.
Bencomo was held by bystanders until the police arrived, the APD said.
According to jail records at the Bernalillo County Metropolitan Detention Center, Bencomo has been charged with unlawful carrying of a weapon, aggravated assault with intent to commit a felony, aggravated battery with intent to cause great bodily harm to a family member and preventative detention
Man shoots stepmom trying to hug him during graduation ceremony
International
Binance runs into trouble in Canada, fined $4.38m
Binance runs into trouble in Canada, fined $4.38m
Canada’s financial watchdog, the Financial Transactions and Reports Analysis Centre (FINTRAC), has imposed a $6 million fine on Binance, a prominent cryptocurrency platform, for breaching the nation’s laws on money laundering and terrorist financing.
The penalty, valued in Canadian dollars, translates to approximately $4.38 million USD.
In a recent statement, FINTRAC revealed that Binance failed to register as a foreign money services business and neglected to report large virtual currency transactions exceeding $10,000, as required by law.
Sarah Paquet, director and CEO of FINTRAC, emphasized the importance of upholding Canada’s anti-money laundering and anti-terrorist financing regulations to safeguard the nation’s economy and citizens.
Paquet affirmed FINTRAC’s commitment to assisting businesses in understanding and fulfilling their obligations under the law while maintaining a firm stance on enforcement when necessary.
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Binance, known as the world’s largest cryptocurrency exchange by trading volume, has faced regulatory scrutiny globally. Founder Changpeng Zhao recently received a four-month prison sentence in the United States for money laundering, unlicensed money transmission, and other violations related to transactions supporting terrorism, drug trafficking, and child exploitation.
In a separate case in the US, Binance agreed to a plea deal requiring the payment of over $4.3 billion in fines and restitution.
Additionally, the company is under investigation in Nigeria for alleged tax evasion, money laundering, and illicit foreign exchange rate manipulation.
Two senior Binance officials in Nigeria, Nadeem Anjarwalla and Tigran Gambaryan, faced charges related to these accusations, with Anjarwalla escaping custody in March after being arrested in February.
Binance runs into trouble in Canada, fined $4.38m
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