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Across Iraq, Insurgents Show Reach in Attacks

Militants attacked a university in the western city of Ramadi early Saturday, forcing students and professors to flee gunfire and shelling, while in the capital, at least 48 people were killed by car bombs in an apparently coordinated series of explosions. It was the third day of surging violence in Iraq . Since Thursday, Sunni militants have conducted a series of lightning attacks in major cities, leaving scores of people dead and the government forces scrambling to recover. On Thursday, gunmen carrying the banner of the Islamic State of Iraq and Syria, a Sunni extremist group, swept into the central city of Samarra, briefly capturing police stations, city buildings and several neighborhoods before being driven out. Militant gunmen and suicide bombers have also mounted an offensive in the northern city of Mosul over the last few days, killing civilians and police officers. Government troops have been able […]

Posted On : Published By : Tom Whipple
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At Swearing-In, Ex-General Vows ‘Inclusive’ Egypt

CAIRO — Abdel Fattah el-Sisi, the former general who led the military takeover here nearly one year ago, was sworn in as president on Sunday, testing the bet that a new strongman can overcome the economic dysfunction and political polarization that bedeviled Egypt’s three-year experiment with democracy. In an address to dozens of visiting heads of state gathered in a gilded presidential palace, Mr. Sisi pledged to work for security and stability in Egypt and the region. “It is time for our great people to reap the harvest of their two revolutions,” he said, referring to the 2011 uprising that forced out President Hosni Mubarak and the 2013 protests that preceded the military takeover. Mr. Sisi, 59, now takes formal responsibility for a nation racked by three years of turmoil, scarred by the new government’s bloody crackdown on the Muslim Brotherhood and riven by deepening loathing between rival Islamist […]

Posted On : Published By : Tom Whipple
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Ukrainian Leader Says Eastern Violence Must End This Week

Ukraine ’s new leader, Petro Poroshenko, said the violence that’s rocked the former Soviet republic’s easternmost regions must end this week as peace talks began involving an envoy of Russian President Vladimir Putin. Poroshenko, who took the oath of office June 7, said negotiations should be held daily. Yesterday’s three-way talks in Kiev included the Ukrainian ambassador to Germany , Pavlo Klimkin, the Russian envoy to Ukraine, Mikhail Zurabov, and Heidi Tagliavini, a special representative of the Organization for Security and Cooperation in Europe. “We must stop the violence this week,” Poroshenko said on his website. “Every day when people die, every day when Ukraine pays such a high price is unacceptable.” Poroshenko, who was sworn in a day after discussing proposals toward a cease-fire with Putin, used his inauguration speech to present a plan to bring peace after more than six months of unrest that’s pitted the U.S. […]

Posted On : Published By : Tom Whipple
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China's May exports gain steam but imports fall unexpectedly

BEIJING (Reuters) – China’s exports gained steam in May thanks to firmer global demand, data showed on Sunday, but an unexpected fall in imports signaled weaker domestic demand that could continue to weigh on the world’s second-largest economy. Exports rose 7 percent in May from a year earlier, quickening from April’s 0.9 percent rise, while imports fell 1.6 percent, versus a rise of 0.8 percent in April, the General Administration of Customs said. China’s trade surplus widened sharply to $35.9 billion in May from April’s $18.5 billion, the customs office said. That compared with market expectations in a Reuters poll of a 6.6 percent rise in exports, a 6.1 percent rise in imports and a monthly trade surplus of $22.6 billion. "We do not think the May trade data will change the policy stance significantly," Louis Kuijs, an RBS economist in Hong Kong, said in a note. "While the […]

Posted On : Published By : Tom Whipple
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China’s May exports gain steam but imports fall unexpectedly

BEIJING (Reuters) – China’s exports gained steam in May thanks to firmer global demand, data showed on Sunday, but an unexpected fall in imports signaled weaker domestic demand that could continue to weigh on the world’s second-largest economy. Exports rose 7 percent in May from a year earlier, quickening from April’s 0.9 percent rise, while imports fell 1.6 percent, versus a rise of 0.8 percent in April, the General Administration of Customs said. China’s trade surplus widened sharply to $35.9 billion in May from April’s $18.5 billion, the customs office said. That compared with market expectations in a Reuters poll of a 6.6 percent rise in exports, a 6.1 percent rise in imports and a monthly trade surplus of $22.6 billion. "We do not think the May trade data will change the policy stance significantly," Louis Kuijs, an RBS economist in Hong Kong, said in a note. "While the […]

Posted On : Published By : Tom Whipple
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China’s Daily Crude Oil Imports Fall From Record on Maintenance

China ’s daily crude oil imports fell in May after reaching a record high the previous month, as refining capacity dropped the most this year due to maintenance. Net overseas purchases were 26.08 million metric tons, according to data released by the General Administration of Customs in Beijing today. That’s about 6.17 million barrels a day, declining from a record 6.81 million in April. Crude-processing capacity in China, the world’s second-largest oil consumer, dropped 3.93 million metric tons in May, the sharpest plunge this year, according to ICIS-C1, a commodities researcher based in Shanghai . The decline was even greater than in April, when capacity fell 3.1 million metric tons as more than 80 of the nation’s biggest refineries were taken off-line. Plants in China typically conduct maintenance in the second quarter before fuel consumption peaks during summer. PetroChina Co. halted the Dalian refinery, its largest by capacity at […]

Posted On : Published By : Tom Whipple
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Oil Prices Rise On Strong Asian Data

Oil prices are up in London Monday, buoyed by positive economic data that could lead to higher demand. Brent crude for July delivery was up 0.5% at $109.16 a barrel on ICE Futures Europe. U.S. crude-oil futures were up 0.6% at $103.25 a barrel on the New York Mercantile Exchange. Positive pointers in economic and geopolitical news have been a booting factor, wrote JBC Energy in a note to clients. Japanese gross domestic product is up, Chinese exports have grown and U.S. employment is back at its pre-recession peak, all of which could likely lead to higher oil demand. Chinese data released over the weekend showed the country’s crude-oil imports were 8.9% higher that a year earlier. JBC also notes that "over the weekend, tentative signs of crafting a deal on the Ukraine situation were made." While this could be bearish for oil prices, there have been some tremors […]

Posted On : Published By : Tom Whipple
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China Oil Data Show May Crude Oil Imports 26.08 Million Tons, Up 8.9% on Year

By Chuin-Wei Yap BEIJING–China imported 26.08 million metric tons of crude oil in May, equivalent to 6.37 million barrels a day, preliminary data from the General Administration of Customs showed Sunday. Imports were 8.9% higher than a year earlier, but down 6.4% from April. Refined oil product imports in May totaled 1.81 million tons, the data showed. China exported 2.22 million tons of oil products in May, according to the preliminary data. Write to Chuin-Wei Yap at [email protected]

Posted On : Published By : Tom Whipple
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New Rules Lift BYD's Electric-Car Sales

In recent months the governments of Beijing and Shanghai started offering subsidies for BYD electric cars. Pictured, a BYD e6 vehicle on display. Reuters Despite being based in one of the world’s biggest and most polluted car markets, Chinese electric-car maker BYD Co. until recently sold few of its hybrid or battery-powered electric cars outside of its home province of Guangdong, thanks to a system of local subsidies. Those rules are now changing under a new effort by China’s central government to push local authorities to treat equally all Chinese car makers when granting green subsidies. This year for the first time, big cities are relaxing subsidy rules that effectively prevented sales of electric and hybrid cars by local manufacturers that weren’t based in their jurisdictions. Such restrictions had been a drag on green-car sales in China, particularly for BYD, a midsize manufacturer of cars, buses and batteries. In […]

Posted On : Published By : Tom Whipple
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New Rules Lift BYD’s Electric-Car Sales

In recent months the governments of Beijing and Shanghai started offering subsidies for BYD electric cars. Pictured, a BYD e6 vehicle on display. Reuters Despite being based in one of the world’s biggest and most polluted car markets, Chinese electric-car maker BYD Co. until recently sold few of its hybrid or battery-powered electric cars outside of its home province of Guangdong, thanks to a system of local subsidies. Those rules are now changing under a new effort by China’s central government to push local authorities to treat equally all Chinese car makers when granting green subsidies. This year for the first time, big cities are relaxing subsidy rules that effectively prevented sales of electric and hybrid cars by local manufacturers that weren’t based in their jurisdictions. Such restrictions had been a drag on green-car sales in China, particularly for BYD, a midsize manufacturer of cars, buses and batteries. In […]

Posted On : Published By : Tom Whipple