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US and World News

Russia attacks Kyiv and other Ukrainian cities before NATO summit

by Reuters July 11, 2023
By Reuters

By Valentyn Ogirenko and Gleb Garanich

KYIV (Reuters) -Russia launched attacks on Ukraine’s capital Kyiv, the Black Sea port of Odesa and the southern region of Kherson on Tuesday before the start of a NATO summit in Lithuania where security threats from Moscow were on the agenda.

No deaths were reported in overnight drone strikes on Kyiv and Odesa, but Russian shelling killed a woman in the southern village of Sofiivka and wounded two people in Kherson city, Kherson governor Oleksandr Prokudin said.

Air alerts were issued across Ukraine and fighting continued as NATO leaders gathered for a summit which the Kremlin criticised, warning that Moscow would respond to protect its own security.

“The enemy attacked Kyiv from the air for the second time this month,” Serhiy Popko, head of the Kyiv military administration, wrote on the Telegram messaging app.

The air force said 26 of the 28 kamikaze Iranian-made Shahed drones launched by Russia overnight had been shot down.

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The military said falling debris had damaged a number of buildings in the Kyiv region. An administrative building at Odesa port was also damaged, and a fire was quickly extinguished at a grain terminal near the port, officials said.

Hours later, Prokudin said the southern region’s main city, also called Kherson, was being shelled by Russian troops based in an occupied part of the region. He said an unspecified humanitarian headquarters and five residential buildings had been hit, and that two people had been wounded.

At the Vilnius summit, NATO leaders said Ukraine would receive a “positive message” as it seeks membership. Moscow has cited NATO’s eastward expansion as a factor in its decision to send troops into Ukraine in February 2022.

Russia denies deliberately targeting civilians.

(Writing by Lidia Kelly and Anna Pruchnicka; Editing by Timothy Heritage)

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US and World News

Texas power demand to hit record highs again as heat bakes state

by Reuters July 11, 2023
By Reuters

(Reuters) – Texas’ power grid operator projected electricity use would break records again this week as homes and business crank up their air conditioners to cope with another brutal summer heatwave.

The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state’s power load, has said it has enough resources available to meet soaring demand.

Texas residents have worried about extreme weather since a deadly storm in February 2021 left millions without power, water and heat for days as ERCOT scrambled to prevent a grid collapse after the closure of an unusually large amount of generation.

After setting 11 peak demand records last summer, ERCOT forecast usage would break the current all-time high of 80,828 megawatts (MW) on June 27 four times over the next two weeks – hitting 82,362 MW on Tuesday, 82,732 MW on Thursday, 83,843 MW on July 17 and 84,135 MW on July 18.

One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas.

Meteorologists at AccuWeather forecast high temperatures in Houston, the biggest city in Texas, would hit 100 degrees Fahrenheit (37.8 Celsius) on Tuesday and July 15-17. That compares with a normal high of 94 F for this time of year.

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    While day-ahead power prices for Tuesday remained below $100 per megawatt hour (MWh), real-time prices topped $3,400 for a couple of 15-minute intervals late Monday, according to the ERCOT website.

Next-day or spot prices at the ERCOT North Hub, which includes Dallas, slid to $34 per MWh for Tuesday from around $41 for Monday. That compares with an average of $33 so far this year, $78 in 2022 and a five-year (2018-2022) average of $66.

(Reporting by Scott DiSavino; editing by Barbara Lewis)

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Business News

Toyota targets Europe, China in hydrogen sales pivot

by Reuters July 11, 2023
By Reuters

By Daniel Leussink

TOKYO (Reuters) – Toyota Motor will focus on selling hydrogen-powered trucks and cars in Europe and China, as part of a push to sell 200,000 of these vehicles by 2030, executives said on Tuesday. The decision marks a shift in focus for the Japanese automaker, a major backer of hydrogen fuel-cell vehicles as an alternative to electric vehicles. Until now Toyota’s focus has been on passenger cars and the North American market, an approach that had stalled.

The strategy update was the first by Toyota since it set up a separate hydrogen-focused unit this month to expand the application of fuel-cell technology into wider applications, including industrial power generation and commercial trucks.

Toyota sold just over 3,900 fuel cell vehicles in 2022, less than half of 1% of its global sales of around 9.5 million vehicles.

“This may be a strange way of putting it, but 200,000 is not a big number,” Toyota’s Chief Technology Officer, Hiroki Nakajima told reporters. “We believe this number and more can be achieved.”

By focusing on China and Europe, where hydrogen production and demand is higher, Toyota aims to bring costs down, Nakajima said, adding that the automaker would also look to strengthen ties with other companies.

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In May, Toyota and Daimler Truck Holding said they had agreed to cooperate on hydrogen technology and reached a preliminary deal to combine their truck businesses in Japan.

Toyota launched its dedicated fuel-cell unit, the Hydrogen Factory, with 1,350 staff earlier this month.

A fuel cell vehicle uses an electric motor like an EV but draws power from a fuel stack where hydrogen is separated by a catalyst to produce electricity.

Consumer adoption of fuel-cells has been limited by high costs and a limited network of fuelling stations, but hydrogen-powered vehicles can refuel quickly and have a long range.

Toyota launched the first fuel-cell vehicle nearly a decade ago with the Mirai, a niche car it has marketed in California.

In Japan, where the government has backed hydrogen as an energy-security alternative, Toyota could work with local governments to transition diesel-powered fleets of vehicles such as ambulances and garbage trucks to fuel-cell technology, Nakajima said.

Toyota said it expects the global market for fuel cells to grow to around $35 billion by 2030, up more than 15-fold from 2020 levels, citing a forecast from market research firm Fuji Keizai.

Honda Motor is targeting annual sales of around 60,000 vehicles with a fuel-cell system jointly developed with General Motors in 2030, it said in February.

(Reporting by Daniel Leussink; Editing by Kevin Krolicki and Louise Heavens)

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Bank of England may need to keep rates higher for longer, IMF says

by Reuters July 11, 2023
By Reuters

By David Milliken

LONDON (Reuters) -The Bank of England may have to keep interest rates high for an extended period if inflation pressures persist, and it was right to raise them by half a percentage point last month, the International Monetary Fund’s directors said on Tuesday.

British inflation was the highest of any major economy in May at 8.7%, and financial markets have priced in increasingly high peaks for BoE rates as wage and price data have come in hotter than expected in recent months.

Markets see a roughly 50% chance that BoE rates will peak at 6.5% early next year, up from 5% now – a greater degree of tightening than is expected for the U.S. Federal Reserve or the European Central Bank.

“A continuous review of the pace and magnitude of monetary tightening is warranted,” IMF directors said after an annual review of Britain’s economy.

“Should inflationary pressures show signs of further persistence, the policy rate may have to be raised further and would need to remain higher for longer to durably lower inflation and keep inflation expectations anchored.”

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BoE Governor Andrew Bailey on Monday vowed to “see the job through” on returning inflation to its 2% target.

The IMF’s latest comment is similar to language by staff in a preliminary version of its annual report on the British economy in May.

The agency also repeated the forecast it made in May that Britain would avoid recession this year and that the economy would grow by 0.4%.

Inflation will slow to “around 5.25%” by the end of the year, it said. May’s forecast said inflation at the end of 2023 would be “around 5%”. Both forecasts suggested inflation would be below the BoE’s 2% target by the middle of 2025.

The IMF’s directors discouraged finance minister Jeremy Hunt from spending any unexpected fiscal windfalls.

Instead, Britain should raise more money over the medium term from carbon and property taxes, and by removing loopholes in wealth and income taxation, in order to fund public services better and stop government debt rising, they said.

(Reporting by David Milliken, Editing by Kylie MacLellan and Devika Syamnath)

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Foxconn targets India’s chip scheme after pulling plug on $19.5 billion JV

by Reuters July 11, 2023
By Reuters

By Yimou Lee, Ben Blanchard and Dhwani Pandya

TAIPEI/MUMBAI (Reuters) – Foxconn said it intends to apply for incentives under India’s semiconductor production plan, a day after the Taiwanese firm split with Vedanta on a $19.5 billion chipmaking joint venture.

Foxconn withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India.

The world’s largest contract electronics maker said on Tuesday it was working towards applying under India’s Modified Programme for Semiconductors and Display Fab Ecosystem, a $10 billion plan offering incentives of up to 50% of capital costs for semiconductor and display manufacturing projects.

“We have been actively reviewing the landscape for optimal partners,” it said in a statement. “Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem.”

Although Foxconn will start afresh, the Vedanta breakup is a setback for Modi who has made chipmaking a top priority in pursuit of a “new era” in electronics manufacturing and hailed the JV as an “important step” last year.

Foxconn is in talks with several local and international partners to make semiconductors in India using mature chip manufacturing technology for products including EVs, two people with direct knowledge of the discussions said, requesting anonymity as the plans are confidential.

“The company will continue to be there, just that it will find other partners,” one of the people said.

India expects its semiconductor market to be worth $63 billion by 2026, but Modi’s plan has so far floundered.

Although three companies applied for incentives last year — Vedanta-Foxconn JV, Singapore-based IGSS Ventures and global consortium ISMC, which counts Tower Semiconductor as a tech partner — no plan has been sealed.

The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported.

VENTURE TROUBLES

Explaining the Vedanta split, Foxconn said “there was recognition from both sides that the project was not moving fast enough” and there were other “challenging gaps we were not able to smoothly overcome”, without giving more details.

“This is not a negative,” Foxconn added.

Reuters had earlier reported that deadlocked talks on finalising European chipmaker STMicroelectronics as a tech partner of the Vedanta-Foxconn JV, and delayed incentive approvals were among reasons for the pullout.

The two sources said on Tuesday that Indian authorities and Foxconn were both concerned about Vedanta’s finances, which had also contributed to the Taiwanese firm’s decision to end the JV.

Vedanta’s India unit said in its most recent annual report that its net debt stood at 452.60 billion rupees ($5.5 billion) as of March 31, 2023, more than doubling over a year due to dividend payments and capital expenditure outflows.

In a statement to Reuters, Vedanta said the India unit, Vedanta Ltd, is in “a comfortable financial position” and there was “no basis” for speculation. India’s IT ministry did not respond to requests for comment on Tuesday.

Moody’s this year downgraded Vedanta’s London-based parent, Vedanta Resources, and warned that ongoing debt related issues expose Vedanta “to material refinancing risks and exacerbate likelihood of a payment default or a distressed exchange”.

There have been no defaults on the group’s debt, Vedanta Chairman Anil Agarwal has said.

Like Foxconn, the Indian government has said the breakup of the JV had “no impact” on India’s semiconductor plans, adding that both companies were “valued investors” in the country.

Foxconn’s Taipei listed shares closed up 0.5%, underperforming the broader market. Vedanta’s shares fell as much as 2.6% in Mumbai, before paring some losses.

(Reporting by Yimou Lee and Ben Blanchard in Taipei, Tanvi Mehta in New Delhi, Dhwani Pandya in Mumbai and Munsif Vengattil in Bengaluru; Writing by Aditya Kalra; Editing by Jacqueline Wong, Sonali Paul and Alexander Smith)

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Applied Materials aims to boost chip factory productivity with new tech

by Reuters July 11, 2023
By Reuters

By Stephen Nellis

SAN FRANCISCO (Reuters) – Applied Materials on Tuesday released its first major update to some of its core semiconductor manufacturing equipment in more than decade, aiming to boost the number of chips factories can make while using less energy.

The new system, called Vistara, is a central hub inside chip factories that feeds silicon discs called wafers into sealed vacuum chambers, where metals and other materials can be either deposited or stripped away within a few atoms of precision.

Applied Materials announced the new system at a chipmaking conference in San Francisco. The United States is poised to deploy tens of billions of dollars in subsidies on chip factories and European Union lawmakers were set to enact similar legislation.

The Vistara system is the first update to Applied’s core chipmaking platform since 2010. Making advanced chips has become more complicated since then, so the new system is designed to let factories mix and match more types of vacuum chambers to avoid bottlenecks in any one part of the process, speeding up production.

The new system is also fitted with thousands of sensors that feed data into an artificial intelligence system, where factories can analyze the data to tweak manufacturing processes and cut down the use of electricity. The new system cuts energy use by about 10%, Applied said.

Mike Rice, vice president of the semiconductor products group at Applied, said the Vistara system has already shipped to more than one memory chip maker and that makers of the computing chips that form the brains of most electronic devices have also shown “interest.” Applied declined to name the customers.

“You’re trying to get more productivity, a smaller footprint, the intelligence and energy savings for those applications,” Rice said of memory chips. “It’s going to continue to grow … but for right now, it’s started out with mostly the leading memory” factories, he said.

(Reporting by Stephen Nellis in San Francisco; Editing by Matthew Lewis)

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Business News

Global energy demand to rise 23% by 2045, OPEC says

by Reuters July 11, 2023
By Reuters

By Elisha Bala-Gbogbo

ABUJA (Reuters) -Global demand for all forms of energy is forecast to rise by 23% through 2045, OPEC Secretary General Haitham Al Ghais told a Nigerian oil and gas conference on Tuesday.

Oil executives and officials from the Organization of the Petroleum Exporting Countries (OPEC) have repeatedly made the case for continued investment in oil, warning that prices will otherwise spike higher.

Al Ghais also said calls to limit or stop funding new oil projects were unrealistic and unwise. He acknowledged, however, the need for technology to tackle continued fossil fuel emissions.

“Global primary energy demand is forecast to increase by a significant 23% in the period up to 2045, which means we will need all forms of energy,” he said.

“We will require innovative solutions such as carbon capture utilisation and storage, and hydrogen projects in addition to a circular carbon economy, which has received a positive endorsement from the G20.”

The global oil industry needs $12.1 trillion in investment during the same period, Al Ghais said, adding the industry was not on track to reach that level of investment yet.

Sources close to OPEC have said it will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase.

OPEC’s forecast for 2024 will likely be lower than the growth it expects for this year of 2.35 million barrels per day, or 2.4%, an abnormally high rate as the world moves out of the COVID-19 pandemic.

(Reporting by Elisha Bala-Gbogbo; Writing by Bhargav Acharya and MacDonald Dzirutwe; Editing by Alexander Winning and Barbara Lewis)

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US and World News

Kremlin says NATO treats Russia as ‘enemy’, to follow summit closely

by Reuters July 11, 2023
By Reuters

(Reuters) -The Kremlin accused NATO on Tuesday of treating Russia like an “enemy” and said it would closely follow any decisions taken at a two-day summit of the Western military alliance and respond with unspecified measures to protect its own security.

NATO Secretary-General Jens Stoltenberg said earlier he expected its leaders gathering in Vilnius to send a “positive message” to Ukraine about its path to eventual NATO membership.

Moscow has cited NATO’s eastern expansion as a key factor in its decision to invade Ukraine nearly 17 months ago.

“Russia is perceived by them (NATO leaders) as an enemy, as an adversary. It is in this vein that the discussions (in Vilnius) will be conducted,” Kremlin spokesman Dmitry Peskov told a regular news briefing.

“We are monitoring this very carefully because much of what has been said will be subject to in-depth analysis in order to take measures to ensure our own security,” he added.

Foreign Minister Sergei Lavrov, in separate comments, said Moscow was taking “appropriate” measures in anticipation of NATO’s further expansion. He did not elaborate.

NATO leaders at the summit in the Lithuanian capital are set to approve the alliance’s first comprehensive plans since the end of the Cold War to defend against any attack by Moscow.

Diplomats also said differences were narrowing among the allies over Ukraine’s push for NATO membership, although Kyiv will not be invited to join while war still rages on its territory.

‘VERY DANGEROUS’

“Potentially, this issue (of Ukraine joining NATO) is very dangerous for European security… and therefore those who will make the decision must be aware of this,” said Peskov.

He said European leaders did not seem to understand that moving NATO military infrastructure towards Russia’s borders was a mistake.

Among a flurry of statements by senior Russian diplomats ahead of the Vilnius summit, Konstantin Gavrilov, a Vienna-based senior Russian security negotiator, accused the United States of fuelling the conflict by pouring arms into Ukraine.

In an interview with Russia’s RIA state news agency, Gavrilov said Europe would be the first to face “catastrophic consequences” if the war escalated further. He did not specify what those consequences would be.

Peskov said Sweden’s expected accession to NATO would have “negative implications” for Russia’s security and that Moscow would have to respond. Finland and Sweden both applied to join NATO last year after Russia’s invasion of Ukraine, and Helsinki formally joined the alliance in April.

Sweden is now set to become NATO’s 32nd member after Turkey dropped its opposition on the eve of the summit.

Peskov played down the Turkish move, saying Ankara had to meet its obligations as a NATO member. He added that Russia would continue to develop its relations with Turkey, which unlike its NATO allies has refused to impose economic sanctions on Moscow over the war in Ukraine.

(Reporting by Reuters; Writing by Gareth Jones; Editing by Lincoln Feast, Alex Richardson and Alexander Smith)

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Breaking NewsD.C. NewsPolice Blotter

Man Shot Multiple Times in Southeast D.C.

by Kristen Harrison-Oneal July 11, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C. – The Washington, D.C. Metro Police Department is investigating a shooting that took place early Monday morning in Southeast D.C.

At around 3 a.m., police responded to a shooting incident in the 1200 block of Pennsylvania Avenue. Officers discovered a conscious and breathing man victim at the scene, who suffered from multiple gunshot wounds.

Authorities have issued a lookout for three suspects. The first suspect is described as a black male with a slim build, seen wearing a hooded sweatshirt adorned with gray and purple writing. No further information about the other suspects is available at this time.

If you have any information about this incident, please take no action but call the police at (202) 727-9099 or text your tip to the Department’s TEXT TIP LINE at 50411. This case remains under investigation.

July 11, 2023 0 comments
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US and World News

North Korea condemns US plan to send cluster munitions to Ukraine as ‘criminal’

by Reuters July 11, 2023
By Reuters

SEOUL (Reuters) – North Korea on Tuesday condemned U.S. President Joe Biden’s decision to send cluster munitions to Ukraine as a “criminal act” and demanded an immediate withdrawal of the plan.

The fact that Biden had admitted it was a difficult decision showed he was aware of the disastrous consequences of the use of cluster munitions, North Korean Foreign Minister Choe Son Hui said in a statement carried by the official KCNA news agency.

“I, on behalf of the DPRK government, vehemently denounce the U.S. decision to offer WMD (weapons of mass destruction) to Ukraine as a dangerous criminal act to bring a new calamity to the world, and strongly demand the U.S. withdraw the decision immediately,” she said.

DPRK refers to the North’s official name, the Democratic People’s Republic of Korea.

Reclusive North Korea has forged closer ties with the Kremlin and backed Moscow after it invaded Ukraine in February last year.

“The U.S. has made a very dangerous choice … which brings to light once again its true colours as destroyer of peace regarding aggression and massacre as its national policy and mode of existence,” Choe said.

The United States announced last week it would send Ukraine the weapons controversial for the danger they pose to civilians long after fighting ends as part of an $800 million security package.

Many U.S. allies and partners helping aid Ukraine are among the 111 state parties to the Convention on Cluster Munitions, which prohibits all use, stockpiling, production and transfer of cluster munitions and came into force in 2010.

North Korea is not a party to the convention. Russia, Ukraine and the United States have also not signed the convention

Ukraine said the U.S. decision would help to liberate Ukrainian territory but promised the munitions would not be used in Russia.

(Reporting by Jack Kim, editing by Ed Osmond and Nick Macfie)

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OECD sees scope for profits to absorb wage hikes

by Reuters July 11, 2023
By Reuters

PARIS (Reuters) – Companies in most countries have enough profit to be able to absorb an increase in wages needed for staff to cope with high inflation, the Organisation for Economic Cooperation and Development said on Tuesday.

Although labour markets are tight, employers have not raised wages in pace with inflation in 31 out of the 34 countries tracked in the Paris-bsaed OECD’s 2023 Employment Outlook.

After taking inflation into account, wages have fallen 3.8% in the first quarter of 2023 from a year earlier with the drop the biggest in Hungary at 15.6%, the report said.

While workers have seen high inflation erode their purchasing power, all countries in the report have seen businesses’ profits grow faster than wages since the pandemic.

“The cost of a living crisis is a cost that has to be shared between what governments can do, what companies have to do and what workers have to do,” OECD head of labour policy Stefano Scarpetta told a news conference.

“There is some room in some room in profits to accommodate some increase in wages without necessarily generating a wage price spiral,” Scarpetta added.

How much wages could be raised would depend country by country and sectors would also need to be taken into account as well as profit increases were smaller at small and mid-sized firms, he said.

(Reporting by Leigh Thomas; editing by David Evans)

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Turkey gives green light to Swedish NATO membership bid

by Reuters July 11, 2023
By Reuters

By Sabine Siebold and John Irish

VILNIUS (Reuters) -Turkish President Tayyip Erdogan on Monday agreed to forward to parliament Sweden’s bid to join the NATO military alliance, appearing to end months of drama over an issue that had strained the bloc as war has raged in Ukraine.

Sweden and Finland applied for NATO membership last year, abandoning their policies of military non-alignment that had lasted through the decades of the Cold War in response to Russia’s invasion of Ukraine.

While Finland’s NATO membership was green-lighted in April, Turkey and Hungary have yet to clear Sweden’s bid. Stockholm has been working to join the bloc at the alliance’s summit in the Lithuanian capital Vilnius, which begins on Tuesday.

“I’m glad to announce … that President Erdogan has agreed to forward the accession protocol for Sweden to the grand national assembly as soon as possible, and work closely with the assembly to ensure ratification,” NATO Secretary General Jens Stoltenberg told a news conference, describing it as a “historic” step.

He had convened Erdogan and Swedish Prime Minister Ulf Kristersson for several hours of talks on the eve of the summit as he sought to finally break the deadlock.

Erdogan has held out for months, saying Sweden’s accession hinged on the implementation of a deal reached last year during the alliance’s summit in Madrid and that no one should expect compromises from Ankara.

Turkey has accused Sweden of not doing enough against people Turkey sees as terrorists, mainly members of the outlawed Kurdistan Workers Party (PKK) that is considered a terrorist organisation by Turkey, the EU and the United States.

Erdogan and Kristersson appeared relaxed ahead of the meeting, with the Swedish leader joking about parking his plane next to the bigger Turkish aircraft at Vilnius airport.

“This has been a good day for Sweden,” Kristersson told reporters, saying the joint statement on Monday represented “a very big step” toward the final ratification of Sweden’s membership of NATO.

The statement issued by both countries said Sweden had reiterated that it would not provide support to the Kurdish groups and would actively support efforts to reinvigorate Turkey’s EU accession process.

Erdogan on Monday said the European Union should open the way for Ankara’s accession to that bloc before Turkey’s parliament approved Sweden’s bid to join the NATO military alliance.

Stoltenberg said Erdogan had agreed to push ratification in parliament “as soon as possible,” but he could not give a specific calendar. It took two weeks for Turkey’s parliament to ratify Finland’s membership.

After Hungarian Prime Minister Viktor Orban’s chief of staff said on Thursday that Budapest would now no longer block Sweden’s NATO membership ratification, Turkish approval would remove the last hurdle for Swedish accession to NATO, applications for which must be approved by all members.

The United States and its allies have sought to pressure Ankara for months. Some NATO partners believe that Turkey, which requested in October 2021 to buy $20 billion of Lockheed Martin Corp F-16 fighters and nearly 80 modernization kits for its existing warplanes, has been using Swedish membership to pressure Washington on the warplanes.

U.S. President Joe Biden, who welcomed the announcement, is due to hold face-to-face talks with Erdogan during the summit.

(Additional reporting by Niklas Pollard, Andrius Sytas and Justyna Pawlak in Vilnius, Anna Ringstrom and Johan Ahlander in Stockholm, and Ezgi Erkoyun in Istanbul; writing by John Irish; editing by William Maclean and Rosalba O’Brien)

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World’s biggest gallium buyer says clients stockpiling

by Reuters July 11, 2023
By Reuters

By Ludwig Burger

FRANKFURT (Reuters) – China’s planned export controls on gallium have caused frantic stockpiling of speciality semiconductor wafers made from the metal, according to the world’s largest gallium buyer.

Freiberger Compound Materials relies almost entirely on Chinese suppliers for its gallium needs to make wafers that go into mobile phone radio signal amplifiers and optical electronics.

Consuming an estimated 10% of global gallium output, the company has found itself at the centre of turmoil following China’s surprise announcement to control exports of gallium and germanium products from Aug. 1.

“My clients are not relaxed about this at all. There’s now a burst of orders being placed to increase inventory levels. The industry is very much on edge,” chief executive Michael Harz told Reuters.

Chinese gallium companies have driven most rivals elsewhere out of the market by undercutting them on price over the last decade.

Freiberger, with annual sales of 70-80 million euros ($77-$88 million) and a 65% market share in gallium arsenide wafers for smartphone power amplifiers, competes with Japan’s Sumitomo Electric and a number of smaller Chinese manufacturers.

Red LEDs and red light sensors are another major use for gallium arsenide.

The group, which traces its roots to a state-owned electronics factory in the former East Germany, has several months’ worth of gallium in stock because it had long anticipated some form of trade crisis and has little else it can do to react, Harz said.

Automakers are also in a dilemma over whether they can continue to rely on a metal which had been seen as a game changer for electric vehicles.

Harz said his Chinese suppliers were providing authorities with data needed to obtain export licences.

They have estimated that deliveries will stop when the export controls take effect on Aug. 1 and resume about a month later when licence requests have been processed, though no reliable information is available.

Harz does not believe that China will disrupt gallium trade flows over the next few years because that would quickly damage its own electronics industry.

The CEO added he viewed China’s move for now as “sabre rattling”, because the world’s leading makers of power amplifiers, which boost radio signals so that smartphones can communicate with cell towers, are based in the United States.

Freiberger consumes several dozens of tons of gallium per year, making the raw material its largest single cost.

($1 = 0.9132 euros)

(Reporting by Ludwig Burger Editing by Matt Scuffham and Mark Potter)

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Breaking NewsD.C. NewsPolice Blotter

D.C. Gunmen Caught on Camera

by Kristen Harrison-Oneal July 11, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C. – The Washington D.C. Metro Police Department’s detectives are seeking assistance from the public in identifying the suspects involved in a shooting incident that took place on Saturday morning in Northwest, D.C.

At about 1:00 am, officers responded to a reported shooting at the 500 Block of K Street. Upon reaching the scene, law enforcement found an adult male victim who had been shot. The victim was taken to a nearby hospital to receive medical treatment for injuries that were determined to be non-life-threatening.

Upon investigation by detectives, it was determined that the victim had been shot following a verbal altercation with one of the suspects. Following the shooting, both suspects fled the scene together.

D.C. Gunmen Caught on Camera

A surveillance camera captured the suspects. Police are asking anyone with information about this case is asked to call the police at 202-727-9099 or text the department’s tip line at 50411. 

July 11, 2023 0 comments
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Business News

Pakistan gets $2 billion in Saudi financial support – Finance Minister

by Reuters July 11, 2023
By Reuters

By Asif Shahzad

ISLAMABAD (Reuters) – Pakistan has received $2 billion in financial support from Saudi Arabia, Finance Minister Ishaq Dar said on Tuesday, a day before the International Monetary Fund’s board is expected to give final approval for a much-needed $3 billion bailout.

Saudi Arabia has deposited the funds with the central bank, Dar said, boosting foreign exchange reserves when Pakistan was left with barely enough to cover a month of controlled imports.

“I thank Saudi Arabia on behalf of the prime minister and army chief,” Dar said in a recorded video statement, terming it a “great gesture” from the longtime ally.

The Middle Eastern country pledged the funds in April, but had held off depositing the money with the State Bank of Pakistan until it was sure that the IMF bailout would be forthcoming.

“It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround,” Prime Minister Shehbaz Sharif said.

Teetering on the cusp of a sovereign debt default, Pakistan secured the $3 billion IMF bailout on the last day of June, though it still needs approval from the IMF board, which is meeting on Wednesday.

Under the nine-month arrangement, Pakistan will receive about $1.1 billion upfront and the IMF will stagger disbursements of the rest.

The IMF deal will unlock more bilateral and multilateral financing in addition to the money from Saudi Arabia, and Dar has said that he expects Pakistan’s foreign exchange reserves to rise to $15 billion by the end of this month.

Credit rating agency Fitch on Monday upgraded Pakistan’s sovereign rating to CCC from CCC-, with the bailout bringing some relief to investors in the country’s stocks and bonds.

Its sovereign dollar bonds on Tuesday rallied as much as 1.8 cents, according to Tradeweb data, after the Saudi assistance was announced.

Shorter-dated bonds enjoyed the biggest gains, with the 2024 issue rising to 77.75 cents on the dollar, having gained almost 30 cents from late-June lows.

Pakistan’s bonds have had a stellar rally since the heavily indebted nation secured the IMF deal.

Sharif’s coalition government, which is due to face a national election later this year, has to undertake more painful fiscal discipline measures to satisfy the IMF, and the central bank has raised its policy interest rate to a record high of 22% while ordinary Pakistanis struggle with inflation running at about 29%.

(Reporting by Asif Shahzad; Additional Reporting by Libby George in London; Editing by Tom Hogue, Simon Cameron-Moore and Devika Syamnath)

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Baltimore NewsBreaking NewsMaryland NewsPolice Blotter

Four Shot Two Dead In Baltimore

by Kristen Harrison-Oneal July 11, 2023
By Kristen Harrison-Oneal

BALTIMORE, MARYLAND – Gunshots rang out in Eastern Baltimore Saturday morning, and when the smoke cleared, four were found shot, and two of the victims died.

In the early hours of Saturday morning, officers from the Baltimore Police Department responded to a ShotSpotter alert in the 900 block of Greenmount Avenue. Upon their arrival, officers discovered three individuals with gunshot wounds. The victims included a 20-year-old male, a 21-year-old male, and a 29-year-old male. All three were immediately taken to nearby hospitals for medical treatment. Tragically, both the 29-year-old and 21-year-old males succumbed to their injuries. The 20-year-old male, fortunately, sustained non-life-threatening gunshot wounds.

During the incident, officers also received a report of another shooting victim who had arrived at a local hospital on their own. Officers promptly made their way to the hospital and found a 19-year-old male with a severe gunshot wound(s). The 19-year-old’s condition is currently critical.

Based on an initial investigation, it appears that the incident stemmed from a verbal dispute that escalated into a physical altercation, culminating in the discharge of firearms.

 If you have any information about this shooting, please contact Homicide Detectives at 410-396-2100 or Metro Crime Stoppers at 1-866-7Lockup.

July 11, 2023 0 comments
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Breaking News

pedestrian struck and killed

by Charlie Dwyer July 11, 2023
By Charlie Dwyer

HARRISBURG, PA – On Saturday, July 8th, at approximately 9:00 PM, the Harrisburg Police Department responded to a report of a pedestrian being struck by a vehicle in the 200 block of South 17th Street. According to witnesses, the vehicle involved in the collision fled the scene. Upon arrival, both police and emergency medical services attempted to provide aid to the adult male victim. Unfortunately, he was later pronounced deceased.

Officers conducted a thorough search of the area for surveillance footage and were able to obtain images of the suspected striking vehicle, which have been attached to the case file. Based on preliminary investigations, the Harrisburg Police Department has tentatively identified the vehicle as a dark-colored 2005-2006 BMW X5 SUV. A stock image of the suspected make and model has also been included for reference. It is important to note that the actual striking vehicle should have significant front and grille damage. The vehicle was last seen heading east on Derry Street after the collision.

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Breaking NewsNew York City News

Guns, drugs seized during arrest

by Adam Devine July 11, 2023
By Adam Devine

SCHENECTADY, NY – Early Monday morning at approximately 8:20 am, officers from the Schenectady Police Department promptly responded to a report concerning a male suspect who had displayed a firearm in the vicinity of Albany Street and Craig Street.

Upon arrival, it was revealed that an altercation had occurred, during which the male suspect entered the premises of 300 Craig Street. He emerged from the location with what appeared to be a small handgun, making threatening gestures towards an individual in the area.

Police officers successfully apprehended the male suspect without any further complications after conducting an investigation.

Subsequently, investigators obtained a search warrant for an apartment situated within 300 Craig Street, and the warrant was executed earlier today. The search yielded the discovery of two handguns, along with quantities of both Fentanyl and Cocaine.

The individual taken into custody has been identified as John A. Davis, a 62-year-old male.

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Flesh eating drug laced with fentanyl causing overdoses in NYC

by Adam Devine July 11, 2023
By Adam Devine

NEW YORK, NY – According to a report by the New York Post, a drug known as “Tranq,” which contains xylazine, an animal tranquilizer, has arrived in New York City from the West Coast. The drug is being transported via trucks and is subsequently mixed with other substances like fentanyl, heroin, and cocaine within the city.

Xylazine, commonly referred to as “Tranq,” has been linked to severe health risks, including skin lesions and tissue necrosis.

It is reportedly involved in approximately 20% of overdose deaths in New York City. The drug has previously affected cities on the West Coast, leading California Governor Gavin Newsom to modify his counter-narcotics policies, as reported by the San Francisco Chronicle.

Deaths resulting from fentanyl laced with xylazine have risen from 2.9% of all fatal overdoses in January 2019 to 10.9% in June 2022, according to the Chronicle.

Vanda Felbab-Brown, a Senior Fellow at the Brookings Institution, expressed concerns about the potential challenges faced by the city’s “safe injection” centers in dealing with the adverse effects of “tranq,” which cannot be treated with naloxone. Felbab-Brown suggested that implementing methadone maintenance programs or even heroin maintenance programs would be more effective in reducing overdose risks and the necrotic effects associated with the drug.

Data from the Centers for Disease Control and Prevention indicates that over 100,000 Americans lost their lives to drug overdoses in 2021. Additionally, it is reported that one kilogram of fentanyl has the potential to cause fatalities for up to half a million individuals, according to the Drug Enforcement Agency.

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Breaking NewsMonmouth County NewsPolice Blotter

Dog struck and killed in Deal, driver sought

by Charlie Dwyer July 11, 2023
By Charlie Dwyer

DEAL, NJ – Police in Deal are asking the public to help identify the driver of a vehicle that struck and killed a dog and fled the scene on Monday.

The incident occurred on Neptune Ave in the vicinity of Monmouth Terrace at around 8 am. A black four-door vehicle traveling east on Neptune Ave struck and fatally injured a dog before leaving the scene without stopping.

The vehicle involved in the incident is believed to be a late model black Toyota Camry with four doors. The vehicle was occupied by a single individual wearing a white t-shirt. Additionally, the rear license plate of the vehicle is crooked and appears to be white.

If you have any information that can help identify the individual or provide further details about the incident, please contact Ptl Vincent Volek or Sgt Brian Egan at 732-531-1113. Your assistance is greatly appreciated.

July 11, 2023 0 comments
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Breaking News

Saratoga County man pleads guilty to attempted rape

by Adam Devine July 11, 2023
By Adam Devine

VOORHEESVILLE, NY – Saratoga County District Attorney Karen A. Heggen has announced that William C. Maguire, a resident of Voorheesville, New York, has pleaded guilty to Attempted Rape in the First Degree and Attempted Criminal Sexual Act in the First Degree.

The incident occurred on January 22, 2023, in the Town of Providence, when Maguire sexually assaulted a fourteen-year-old victim while they were asleep. After the assault, Maguire warned the victim not to disclose the incident. However, the victim displayed great courage by promptly reporting the assault. The victim received a medical examination at Albany Medical Center, which yielded critical DNA evidence that supported the case.

District Attorney Heggen acknowledges the swift actions taken by the Saratoga County Sheriff’s Office, which conducted witness interviews, secured physical evidence, and documented the crime scene. These efforts contributed to building a strong case, enabling the district attorney’s office to obtain this significant guilty plea and proposed sentence. Assistant District Attorney Meghan A. Horton led the prosecution, with support from District Attorney Investigator Michael Hourigan. Sentencing is scheduled for September 23, 2023.

These charges are classified as “C” Violent Felonies under New York State Penal Law sections 110.00/130.35(1) and 110.00/130.50(1). The anticipated sentence for Maguire, subject to final sentencing, is fourteen (14) years in State Prison for each count, to be served concurrently. He will also receive fifteen (15) years of Post Release Supervision, mandatory registration under the Sex Offender Registration Act, an Order of Protection for the victim, and will be responsible for crime victim fees and surcharges.

July 11, 2023 0 comments
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Breaking NewsFeatured NewsNew York News

Flood damage keeps sections of Palisades Parkway shut down

by Adam Devine July 11, 2023
By Adam Devine

The New York State Police have announced road closures in Rockland and Orange counties due to recent flooding and road damage. The affected areas include Harriman State Park, Bear Mountain State Park, Bear Mountain Circle, Bear Mountain Bridge, Long Mountain Circle, the Palisades Interstate Parkway north of exit 14, and the William J. Moreau Popolopen Bridge. These locations will remain closed until further notice.

Flood damage keeps sections of Palisades Parkway shut down

Additionally, State Route 9W south is closed from the Bear Mountain Circle through Stony Point, and State Route 9W north of State Route 293 is closed. However, Routes 6 and 293 are open to local traffic, specifically for West Point, the village of Highland Falls, and the town of Highlands.

The public is urged to avoid these areas and follow alternative routes. The New York State Police, in collaboration with the Department of Transportation, will provide updates on road closures and reopenings as the situation develops.

July 11, 2023 0 comments
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Breaking News

Police hoping tattoos can help identify body of man found in creek

by Jeff Jones July 11, 2023
By Jeff Jones

GAITHERSBURG, MD – A body of a man found floating in a Montgomery County creek has not been identified and police are hoping tattoos on the man’s body can help them.

The Montgomery County Department of Police – Major Crimes Division, Homicide Section, is seeking public assistance in identifying a body recovered from Seneca Creek in Gaithersburg, MD.

On Sunday, at around 5:41 p.m., officers from the 1st District, along with Maryland Natural Resources officers, responded to a report of a body found in the Creek near Black Rock Road and Seneca Creek Trail.

The Montgomery County Fire Rescue team retrieved the body, which was then transported to the Office of the Chief Medical Examiner. Following examination, the Medical Examiner determined that the manner of death was a homicide.

Police hoping tattoos can help identify body of man found in creek
Police hoping tattoos can help identify body of man found in creek

The deceased individual, a male, has several distinctive tattoos that may aid in his identification including a depiction of the grim reaper holding a handgun and a design featuring chain links with what appears to be a cross underneath.

    Detectives are urging anyone who may have information regarding individuals with similar tattoos to contact the Major Crimes Division at 240-773-5070 or call Crime Solvers of Montgomery County at 1-866-411-TIPS (8477). A reward of up to $10,000 is being offered for any information that leads to the arrest of the suspect(s) involved in this homicide. Callers can choose to remain anonymous.

    July 11, 2023 0 comments
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    Breaking NewsMaryland News

    14-year-old reported missing in Dundalk

    by Jessica Woods July 11, 2023
    By Jessica Woods

    DUNDALK, MD – A 14-year-old boy named Christian Cromwell has been reported missing. He is described as being 5’6″ tall, weighing 120 lbs. The last known sighting of Christian was in the Dundalk area today at 3:30 p.m. He was carrying a blue backpack at the time. If anyone has any information regarding his whereabouts, please contact 911 or call 410-307-202.

    July 11, 2023 0 comments
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    Baltimore NewsBreaking NewsMaryland NewsPolice Blotter

    Teen Critical After Being Shot Multiple Times In Baltimore

    by Kristen Harrison-Oneal July 11, 2023
    By Kristen Harrison-Oneal

    BALTIMORE, MARYLAND – A 17-year-old male was critically injured yesterday afternoon in a shooting in Southeast Baltimore.

    Just before 12:30 pm, patrol officers from the Baltimore Police Department arrived at the 3200 Block of McElderry Street to investigate a report of a shooting. Police found the teen suffering from multiple gunshot wounds to his face and his upper body. The victim was taken to a nearby hospital for treatment and is listed in critical condition.

    An initial investigation uncovered that this was a domestic-related incident.

     If you have any information about this shooting, please contact Southeast Shooting detectives at 410-396-2422 or Metro Crime Stoppers at 1-866-7Lockup. The shooting remains under investigation.

    July 11, 2023 0 comments
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