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The oil rig count in the US decreased this week, according to the latest data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs, an indicator of short-term production in the country, decreased by 3 to 519 for the week ending March 4 from 522 the previous week.
The number of US oil rigs rose by 209 compared to one year ago.
At Friday's trading close, the price of international benchmark Brent crude stood at $118.03 per barrel, while American benchmark West Texas Intermediate (WTI) was at $115.03 a barrel./aa
World food prices reached an all-time high in February, the Food and Agriculture Organization (FAO) said in a statement Friday.
FAO said its food price index averaged 140.7 points in February, up 3.9% from January -- a significant increase of 24.1% from a year ago.
The UN agency said the price increase was led by vegetable oils and dairy products.
The vegetable oils price index rose 8.5% from the previous month to a new high, mostly driven by increased quotations for palm, soy and sunflower oils.
The dairy price index averaged 6.4% higher in February from the previous month.
On a monthly basis, the cereal price index increased 3%, while the meat price index rose 1.1%.
The sugar price index, on the other hand, declined 1.9% from January./aa
France strongly condemned on Friday attacks by Russia on Ukrainian civil nuclear installations and proposed to draft an emergency security plan to protect nuclear sites, the president’s office said in a statement.
In the coming hours France, along with its main partners, will propose concrete measures to ensure the safety and security of Ukraine's five main nuclear sites based on International Atomic Energy Agency (IAEA) technical criteria, it said.
“It is imperative to guarantee their safety and security,” it added.
It includes the now-defunct Chernobyl plant -- site of a disaster in 1986, which is now under Russia's control -- along with Zaporizhzhia that was seized Thursday.
Ukraine has three other active nuclear power plants -- Khmelnytskyi, Rivne and Yuzhnoukrainsk, and 15 reactors.
The Elysee said President Emmanuel Macron held talks with Director-General of the IAEA Rafael Mariano Grossi and the French leader said he was “extremely concerned about the risks to nuclear safety, security and the implementation of international safeguards resulting from the Russian invasion of Ukraine.”
Macron said Moscow must “immediately cease its illegal and dangerous military actions in order to allow Ukrainian authorities full control over all nuclear facilities,” and “also allow free, regular and unimpeded access of personnel to the facilities to ensure their continued safe operation.”
All of this comes after Russian forces carried out missile attacks and seized Zaporizhzhia, Europe’s largest nuclear power plant.
Grossi warned in a statement that overnight fighting had put several nuclear safety and security sites at risk although there had been no release of radioactive material from a fire that was later extinguished./aa
Despite strong jobs report, US stocks closed lower on Friday and posted weekly losses with risks surrounding Russia’s war on Ukraine.
The Dow Jones industrial average fell almost 180 points, or 0.53%, to close at 33,614. The blue-chip index fell 1.3% this week.
The S&P 500 lost 34 points, or 0.79%, to 4,328. It posted a weekly decline of 1.3% as well.
The Nasdaq decreased 224 points, or 1.66%, to finish at 13,313. The tech-heavy index lost 2.8% for the week.
US economy added 678,000 jobs in February, well above market estimate of 400,000, while the unemployment rate fell to 3.8%, the Department of Labor announced earlier.
However, Russia's taking control of Europe's largest nuclear power plant, Zaporizhzhia NPP, has caused worries for investors.
The VIX volatility index, known as the fear index, jumped 5.1% to 32.03. The dollar index increased 0.73% to 98.50.
The yield on 10-year US Treasury notes, on the other hand, lost 5.6% to 1.741%.
Precious metals were on the rise again, with gold adding 1.7% to $1,968 per ounce, and silver gaining 1.8% to $25.63.
Crude oil prices have continued to climb as they were hovering at their highest levels in more than a decade.
Brent crude was trading at $118 per barrel for a gain of 6.8% at the time. The US benchmark West Texas Intermediate (WTI) crude was at $115.13 a barrel with a gain of 6.9%.
On Thursday, Brent crude price soared to $119.78, marking its highest level since May 2, 2012. The price of WTI jumped to $116.50 – the highest since Sept. 2, 2008./aa
Access to Twitter has been restricted in Russia, according to data from Russia’s media watchdog Roskomnadzor, state-owned news agency Tass reported Friday.
Access to the social media network has been restricted based on federal law on information, information technologies and information protection which regulates restrictions on accessing sites containing calls for mass disorder, extremist activity, participation in mass public events conducted in violation of the established order, according to Tass.
The decision to restrict access was made by the Prosecutor General’s Office of the Russian Federation on Feb. 24, it added.
Roskomnadzor, the Russian Federal Service for Supervision of Communications, Information Technology and Mass Media, said earlier that it blocked access to Facebook in response to restrictions that the company imposed on several Russian media outlets./aa
EU foreign ministers discussed further financial sanctions on Russia and the necessity to speed up energy transition, EU foreign policy chief Josep Borrell said on Friday.
EU foreign ministers held an extraordinary meeting in Brussels with the NATO chief and top diplomats from Ukraine, the US, the UK, and Canada to discuss their response to the Russia-Ukraine war.
Speaking at a news conference following the reunion, Borrell confirmed that ministers assessed a new sanctions package that aims to “deepen the financial sanctions” and targets more Russian banks with restrictive measures.
Borrell said the new package should be adopted in the next few days, and stressed that the EU will continue to impose sanctions on Russia until it stops "the military aggression against Ukraine."
He also warned that the bloc has to make sure that the already adopted measures are enforced.
Borrell said that in order to “undermine the Russian war machine”, “it is not enough to announce to agree and to announce, but sanctions have to be implemented, loopholes have to be closed.”
“We have to avoid Russian oligarchs to escape from the ethics of sanctions and to clamp down on tax evasion,” he added, pointing out that European authorities have to locate Russian oligarchs “to seize their assets because the Russian regime dwells on their wealth from corruption and tax evasion.”
Borrell explained that the foreign ministers also discussed the bloc’s energy transition that “needs to be speeded up not just for climatic reasons, but also for geopolitical reasons.”
At the same time, he acknowledged that the EU cannot cut Russian energy dependency “overnight” since the EU imports over 40% of its total consumption from Russia.
Since Russia's war on Ukraine began on Feb. 24, it has been met by outrage from the international community, with the EU, UK, and US implementing a range of economic sanctions on Russia.
The EU adopted so far three sanctions packages against Russia, targeting among others President Putin, top diplomat Sergey Lavrov, the Russian banking sector, and key state-owned companies.
According to UN figures, 331 civilians have been killed and 675 injured in Ukraine since the start of the war. Ukrainian authorities, however, put the death toll at over 2,000./aa
Russian residents' cryptocurrencies demand has surged as sanctions restrict the country from access to the global financial system, S&P Global Ratings said Friday.
The rising demand for cryptocurrencies will likely accelerate the pace of regulatory scrutiny, the rating agency said in a statement.
The agency, however, said it does not believe cryptocurrency use has reached a scale that could blunt the severe consequences of sanctions on the Russian economy.
"Traded volume for Bitcoin in ruble jumped on the day of Russia's invasion of Ukraine, signifying a scramble for the cryptocurrency," the statement said.
"In our view, the surge of interest in Bitcoin is primarily attributable to customers trying to protect savings against a weaker domestic currency along with other local asset depreciation. Under extreme circumstances such as war and severe sanctions, Bitcoin may be viewed as a way to safeguard wealth and bridge access to reserve currencies," it explained.
The price of Bitcoin soared over 14% on Feb. 28, the day after the US and its allies agreed to bar some major Russian banks from the international payment system SWIFT.
Altcoins and the crypto market, in general, followed suit in the following days, although they lost some of those gains in recent days./aa
US-based multinational software company Microsoft announced Friday it has suspended all new sales of products and services in Russia amid the war in Ukraine.
Microsoft said it is coordinating closely with the governments of the US, EU and UK, adding that it is stopping many aspects of its business in Russia in compliance with governmental sanctions decisions.
"Like the rest of the world, we are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unjustified, unprovoked and unlawful invasion by Russia," President and Vice Chair Brad Smith said in a statement.
"We believe we are most effective in aiding Ukraine when we take concrete steps in coordination with the decisions being made by these governments and we will take additional steps as this situation continues to evolve," he added.
Microsoft said it continues to work proactively to help cybersecurity officials in Ukraine against Russian attacks.
"Since the war began, we have acted against Russian positioning, destructive or disruptive measures against more than 20 Ukrainian government, IT and financial sector organizations," Smith said.
"We have also acted against cyberattacks targeting several additional civilian sites. We have publicly raised our concerns that these attacks against civilians violate the Geneva Convention," he added.
Russia's war on Ukraine, which began on Feb. 24, has been met with international outrage, with the EU, US, and UK, among others, implementing tough financial sanctions on Moscow./aa
European stock exchanges plummeted to close Friday with massive losses amid rising risks surrounding Russia’s war on Ukraine.
Russia's taking control of Europe's largest nuclear power plant, Zaporizhzhia NPP, has caused worries for investors.
The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 15.58 points, or 3.56%, to close at 421.78.
London's FTSE 100 decreased 251 points, or 3.48%, to finish at 6,987.
Germany's DAX 30 lost 603 points, or 4.41%, to end the day at 13,094, while France's CAC 40 was down 316 points, or 4.97%, to 6,061.
Italy's FTSE MIB was the worst performer, plummeting 1,494 points, or 6.24%, to close at 22,464.
Spain's IBEX 35 fell 290 points, or 3.63%, to 7,720./aa
A landmark report details the sweeping executive powers that have led to Muslim civil society being systematically monitored, investigated and sanctioned by the French state.
The French government’s anti-Muslim hatred has reached the threshold of persecution under international law, a scathing new report finds.
Published by CAGE, an independent advocacy organization, the report highlights the unprecedented crackdown on Muslims in France under the sweeping ‘Systematic Obstruction’ powers, exactly four years since its application.
Authored by French legal jurist and CAGE researcher Rayan Freschi, the report titled ‘We are beginning to spread Terror: The state-sponsored persecution of Muslims in France’ outlines the methods of persecution of French Muslims by Emmanuel Macron’s government, including the sanctioning and forced dissolution of organisations by decree, as well as the heavy-handed policing and criminalisation of Islam in social, religious and political spheres.
Commenting on its launch, Freschi said the report “documents how the French state has swiftly dismantled the foundations of the Muslim community’s autonomy through a calculated persecution, spreading terror among an entire religious community.”
Under Macron’s presidency, the French state has launched a multipronged assault on Muslim civil society in the name of combatting “Islamist separatism” and preserving the French laicite (secularism).
The report details the sweeping executive powers that have enabled persecution, amounting to a policy of maximum pressure policing in which almost exclusively Muslim institutions are systematically monitored, surveilled, investigated and sanctioned for minor infractions.
Hundreds of establishments, including mosques and Muslim schools have been shuttered and millions of Euros have been seized.
According to the latest statistics released by the French government in January 2022, there have been 24,887 investigations carried out; 718 Muslim organisations have been closed or dissolved; and €46 million ($50 million) has been confiscated.
On average, that amounts to 24 investigations a day, 15 closures a month, and 10 million seized a year.
The French state’s pattern of behaviour is “calculated to harass and humiliate Muslims, resulting in the intentional and severe deprivation of the minority’s freedom of religion, of opinion, of association and right to property,” the report argued.
The scope of the Systematic Obstruction policy ramped up considerably since the murder of schoolteacher Samuel Paty in October 2020, and recent directives like the 2021 Anti-Separatism Law have further entrenched the architecture of the policy, the report says.
“These attacks on the fundamental freedoms of belief and association have rightly been identified by human rights groups, equality bodies and European institutions, but the government couldn’t care less,” said Marwan Muhammad, former director of French NGO CCIF, which was closed as a result of the Systematic Obstruction policy.
“They are part of Macron’s grand scheme to control Muslims on all possible levels, thus securing the far-right and neo-republican votes,” he added.
The ‘Muslim question’ has becoming one of the defining issues in the leadup to France’s 2022 Presidential campaign, with each of the current frontrunner contenders aiming to outbid the other to prove their distaste for French Muslims.
Farid Hafez, an academic researcher wand expert on European counter terrorism policies, believes the objective of such draconian policies is to create a French Islam that is “silent upon oppression” and “submits to the French will of what Islam should look like”.
Among its recommendations, the report calls for the repeal of anti-Muslim policies such as the Systematic Obstruction policy, the Anti-Separatism Law, the Imams Charter, the 2004 Law on religious signs in schools, and the 2010 Niqab ban.
It also advocates for the establishment of an independent body to investigate the Systematic Obstruction measures, as well as to provide reparations for damages and losses incurred by establishments and individuals because of such measures.
It also demands respective EU member states to condemn France’s state-sanctioned persecution of Muslims, while calling for European civil society organizations to extend solidarity to individuals and organizations impacted by "structural Islamophobia" in France.
“If left unaddressed, the persecution facing Muslims in France is likely to be exported to the rest of Europe,” warned Freschi./TRT