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The retail portion of Saudi Aramco's initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals ($10.2 billion), lead manager Samba Capital said on Thursday.
The state oil giant plans to sell a 1.5% stake, or about 3 billion shares, at an indicative price of 30 to 32 riyals, valuing the IPO at as much as 96 billion riyals and giving the firm a market value of $1.6 trillion to $1.7 trillion.
Aramco has said at least one-third of the sale is expected to be covered by retail investors, who have until end of Thursday to sign up.
On the first International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief, governments and other bodies recognize that violence against people based on their faith is a serious and growing problem, as illustrated by the recent Christchurch massacre on March 15, synagogue shootings in U.S., bombings in Sri Lanka.
UN Secretary General Antonio Guterres reaffirmed in a statement the body's "unwavering support for the victims of violence based on religion and belief", promising to try to prevent such attacks in the future and seek accountability against those responsible.
The Independent Permanent Human Rights Commission (IPHRC) at the Organization of Islamic Cooperation (OIC) expressed concern on "grave human rights violations faced by Muslims in different parts of the world especially Occupied Palestine, Indian Occupied Kashmir and Myanmar".
In a Twitter statement, the OIC body urged the international community to "act to ease their sufferings and bring the perpetrators of such violence to justice without impunity".
Geneva-based UN experts on freedom of religion, minority rights and culture in a joint statement urged governments to step up efforts to combat intolerance, discrimination and violence against people based on religion or beliefs.
"States have an important role to play in promoting religious tolerance and cultural diversity by promoting and protecting human rights, including freedom of religion or belief," said the experts, comprising of 15 special rapporteurs, part of the Special Procedures of the Human Rights Council.
"Any distinction, exclusion, restriction or preference based on religion or belief which has the effect of nullifying or impairing the recognition, enjoyment or exercise of human rights and fundamental freedoms on an equal basis would amount to religious intolerance and discrimination," they added.
The rise of violence against religious communities triggered a joint draft from Poland, Brazil, Canada, Egypt, Iraq, Jordan, Nigeria, Pakistan and the U.S. earlier this year in the UN to commemorate the day. The UN General Assembly, setting Aug. 22 as the day of commemoration, adopted it.
Supplies to be distributed among residents in northwestern province of Idlib
The United Nations sent on Monday 46 truckloads of humanitarian aid to Idlib, a northern province of Syria, where millions of people living in desperate conditions due to internal conflict.
The trucks carrying humanitarian aid passed through the Cilvegozu border gate in Hatay, Turkey's southern province.
The supplies will be distributed among the residents in need.
Hundreds of thousands of people have been killed, and displaced in Syria since 2011 when the Assad regime cracked down on pro-democracy protesters.
Idlib falls within a de-escalation zone forged under an agreement between Turkey and Russia.
The area has been the subject of multiple cease-fire understandings, which have frequently been violated by the Assad regime and its allies.
The influx of displaced civilians has increased its population to about four million in recent years.
Oil producing countries, including the Organization of the Petroleum Exporting Countries (OPEC) cartel and its allies, agreed Thursday to gradually increase output as of next month.
The OPEC+ decided to add back some 2 million barrels per day (bpd) of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic.
The group is gingerly adding back production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel. The group will add back 350,000 bpd in May, 350,000 in June, and 400,000 in July.
Meanwhile, Saudi Arabia will restore an additional 1 million bpd in cuts that it made on its own.
OPEC members, led by Saudi Arabia, and nonmembers, led by Russia, have been meeting monthly to determine production levels as they face a recovery in demand whose pace has been uncertain. They face conflicting pressures. Raising production before the demand is there risks sending prices lower. But lower production levels deprive national budgets of money at a difficult time.
Oil prices were trading higher despite the decision to increase production, suggesting markets see more than adequate demand for the added oil. Crude oil traded 3.6% higher at $61.28 per barrel in trading on the New York Mercantile Exchange while Brent crude rose 3.1% per barrel to $64.66.
Saudi Arabia’s Energy Minister Abdulaziz bin Salman, who has urged careful approach with the recovery still uncertain, said that “the cautiousness is still there” in the group’s approach. Ahead of the meeting, he had warned that “until the evidence of recovery is undeniable, we should retain this cautious stance ... the waves are still tall and the seas remain rough.” One reason is the new wave of infections in Europe, which is holding back the economy amid a slow vaccine rollout.
He noted that the reductions would only take effect from May, meaning that the Saudi voluntary cut still had a month to run. He also said that under the agreement, the group could “tweak, or adjust” production as needed in the coming months.
Higher crude oil prices are eventually reflected in the price of gasoline for U.S. motorists since the cost of oil makes up half the price at the pump. Another factor that could soon push prices higher is demand for gasoline, which is approaching pre-pandemic levels. The national average of $2.86 reported this week by motoring club federation AAA is 15 cents higher than a month ago and 84 cents higher on the year.
Forests in northern Pakistan's Gilgit-Baltistan region have been suffering from illegal logging for decades, so the Pakistani government recently decided to employ a paramilitary force to stop organized groups from cutting down the trees and transporting them to other parts of the country, in a move that has seen success already.
The Frontier Constabulary (FC), a civil armed force working under the federal government and led by police officers, was deployed in January to support the regional forest department, which officials say lacks staff, training and funding.
While forests around the world have seen encroachment spike during the pandemic as lockdown measures leave them unguarded, illicit logging in Gilgit-Baltistan has all but stopped since the FC arrived, said chief conservator Zakir Hussain.
Incidents of tree cutting and transport have dropped in both government and community-owned forests, where logging bans are harder to enforce, said Hussain, whose Forests, Parks and Wildlife Department oversees the law enforcement agency.
"The locals have regard for the force," he said, adding that its deployment had acted as a deterrent to deforestation and raised morale among forestry staff.
"There is no organized pilfering of wood now and the amount being transported outside of the forest is at nearly zero," he said.
For the next three years, four platoons with 36 members each will be stationed at checkpoints on exit routes from the forest to stop the movement of illegal timber, explained Malik Amin Aslam, the prime minister's special assistant on climate change.
The FC also patrols regularly and has the power to apprehend people caught cutting down or transporting trees, he added.
Demand for wood in Pakistan, a nation of about 220 million people, is three times higher than its potential sustainable supply, according to the most recent National Forest Policy published in 2015.
The country loses an estimated 27,000 hectares (66,700 acres) of trees per year, mainly in private and community-owned natural forests, the policy noted.
"The forest owners and local communities depend on forests as their sole source of livelihood. As a result, forests in all provinces, particularly in Gilgit-Baltistan and Khyber Pakhtunkhwa, are under severe pressure," it said.
A study by a group of Chinese and Pakistani researchers published last year points to a host of factors behind forest losses in Gilgit-Baltistan, including population growth, unchecked cattle grazing, poor forest management and the use of wood as fuel.
Deforestation has led to soil erosion, rising air pollution and higher temperatures in the region, while also degrading some of Pakistan's prime tourist areas, the study warned.
Hussain said the two main groups responsible for illegal logging in the region are local communities, who mainly cut down trees to use as firewood for cooking and heating, and a powerful "timber mafia" that sells illegally cut wood to timber merchants in other parts of Pakistan.
Efforts to tackle the problem are complicated by geography and lack of infrastructure, he explained.
The region consists of hundreds of valleys with no paved roads connecting them, and many areas have no internet or phone networks, he said.
On top of those problems, Hussain said, Gilgit-Baltistan's forestry department does not have enough manpower to oversee the quarter-million hectares of natural forest in the region.
Under the region's Forest Act of 2019, the department was granted the power to arrest, investigate and prosecute anyone caught illegally logging, but that move has yet to be approved by the cabinet, Hussain said.
Even so, its staff of about 1,000 would need to triple in size to properly protect the region's forests and wildlife, he added.
"We are under-staffed and lack both in training and equipment, as well as logistics," he said. "Our unarmed staff were helpless to stop the illegal timber mafia and local communities before the deployment of the FC."
Muhammad Tahir, a teacher living in Gilgit-Baltistan's Diamer district, said that since the FC arrived in the area forest department employees have stepped up their efforts to tackle illegal logging.
However, while the paramilitary force can help stop people from transporting wood out of the forests, local cutters have little option but to fell wood as their main source of fuel, he said.
Tahir said he would like to see the government provide solar energy, natural gas and liquefied petroleum gas to people living in the area and give them incentives to shift to these fuels.
"As long as the government does not provide alternate fuels to locals at cheap rates, this illegal cutting cannot be stopped," he said.
Syed Kamran Hussain, regional manager for green group WWF-Pakistan, said the deployment of the FC is an effective way to supplement the work of the Gilgit-Baltistan forestry department until it gets more trained staff.
However, because about 70% of forested land in the region is owned by local people, no tree protection initiative will succeed unless the government gains the buy-in of forest communities, he added.
"We need to convince the locals that they are owners of these resources and they should protect them," he said.
Chief conservator Zakir Hussain said the regional government is already encouraging community-based conservation, noting that since the 1990s it has been giving up to 80% of the income from national parks to residents living around them.
"This is necessary so that the community has a sense that they are not alienated by the government and are sharing the benefits of the forests," he said.
The United States Special Presidential Envoy for Climate John Kerry's Asian “climate” tour begins on Thursday, as the American diplomat travels to India to hold talks with the country's leaders in an effort to eliminate differences on climate change goals in the fight against global warming.
Kerry will kick off his trip on Thursday that will also take him to the United Arab Emirates and Bangladesh, which experts say is especially vulnerable to climate change as it has large numbers of people living in areas barely above sea level, and lacks the infrastructure to protect them.
In India, Prime Minister Narendra Modi's government has been facing calls from the United States and Britain to commit his country, the world's third-biggest carbon emitter, to a net zero emissions target by 2050.
India, whose per capita emissions are way lower than that of the United States, European countries and even China, is concerned that binding itself to such a target could constrain the energy needs of its people.
"Special Presidential Envoy for Climate John Kerry will travel to Abu Dhabi, New Delhi, and Dhaka (between) April 1-9, 2021, for consultations on increasing climate ambition ..." the State Department said.
Kerry will take part in a climate dialogue for the Middle East and North Africa hosted by Abu Dhabi on April 4, the UAE state news agency WAM said on Thursday.
It said the Regional Climate Dialogue would provide a platform for countries to "unite around progressive, practical solutions" to help reach global climate goals.
Kerry is leading efforts to get countries to commit themselves to reducing greenhouse gas emissions to zero by about the middle of the century.
On the other hand, U.S. President Joe Biden has called a summit of 40 leaders including India and China on April 22-23.
Meanwhile, later this year world leaders will gather for the United Nations climate summit in Glasgow to build on a 2015 Paris accord to halt the increase in global temperatures at levels that would avoid the worst impacts of climate change.
"Looking forward to meaningful discussions with friends in the Emirates, India, and Bangladesh on how to tackle the climate crisis," Kerry tweeted.
India says it will not only stick to the Paris accord to reduce its carbon footprint by 33-35% from its 2005 levels by 2030 but will likely exceed those goals as it ramps up use of renewable energy.
French Minister of the Armed Forces Florence Parly visited Mali Thursday and defended an airstrike by France in the African country earlier this year that U.N. investigators say killed 19 civilians attending a wedding celebration.
The defense chief's visit, which had long been planned but was not publicized for security reasons, came two days after the U.N. mission in Mali, known as MINUSMA, released a report on the Jan. 3 airstrike.
The report said the strike hit a wedding celebration of more than 100 people in the town of Bounti and killed three suspected members of an al-Qaida-linked group and 19 civilians, mainly local villagers. France rejected the findings, while top U.N. officials stood by the report.
While visiting the Malian capital of Bamako, Parly reiterated that the French military followed a “rigorous targeting process” in accordance with international law.
“There were no women or children among the victims, and these strikes were intended to neutralize terrorist elements,” she said. "There is a difference between the realities of the facts and what is in this U.N. report.”
Seven international and local aid groups called Thursday for an independent investigation into the attack, and reparations for victims and their families.
“Anti-terrorist operations cannot be conducted to the detriment of international humanitarian law,” Oxfam France, Action Against Hunger and five other groups said in a joint statement. They called the January airstrike “disproportionate compared to the resulting military gain.”
In Paris, Defense Ministry spokesperson Herve Grandjean told reporters that the U.N. report did not identify witnesses and included “no tangible material proof” that civilians were targeted.
“Let’s not be naïve. The war we are engaged in is also an information war, and our enemy is aware of this and is undoubtedly exploiting all debates," he said.
The French defense minister was accompanied in Mali on Thursday by the Estonian and Czech defense ministers in an effort to emphasize the involvement of European Union forces in training and other security efforts for the Sahel region of Africa./aa
Crop losses stemming from heat waves and drought have tripled in the last 50 years in Europe, a study highlighting the vulnerability of food systems to climate change revealed.
Research published recently in the journal Environmental Research Letters, looked at agricultural production in 28 European countries – the current European Union and United Kingdom – from 1961 to 2018.
They compared this to data on extreme weather events – droughts, heat waves, floods and cold snaps – and found evidence suggesting "climate change is already driving increasing crop losses in observational records."
While all four became significantly more frequent over the 50-year time period, "the severity of heatwave and drought impacts on crop production roughly tripled," from losses of 2.2% between 1964 and 1990 to 7.3% from 1991 to 2015.
The study found that droughts in particular, which are becoming more frequent, are also becoming more and more intense: "the most severe events become disproportionately more severe."
Overall, European crop yields still increased in the period, by almost 150% between 1964-1990 and 1991-2015, said lead author Teresa Bras, from the Nova School of Science and Technology in Lisbon.
But losses connected to extreme weather were different depending on the crop.
"Cereals, a staple that occupies nearly 65% of the EU's cultivated area and is mainly used for animal feed, is the crop most severely affected," said Bras.
These showed "consistently larger losses" linked to droughts and heat spells than other crops, the report said, intensifying by more than 3% for every drought year.
Researchers said this could be explained by the more widespread irrigation of other crops like vegetables, grape vines and fruit.
Climate change is expected to multiply weather extremes, including heat waves and droughts and the study warned of "ripple effects" from impacts on Europe across the global food system and on food prices.
The study said the punishing heat wave and drought of 2018 in Europe caused a decrease in grain production of 8% compared to the average of the previous five years, "which caused fodder shortages for livestock and triggered sharp commodity price increases."
Since the 2015 Paris climate deal, the world has experienced its five hottest years on record.
The U.N.'s Food and Agriculture Organization has warned that food production is "extremely sensitive" to climate change.
Earlier this month a study published in the journal Nature Geoscience found that recent summer droughts in Europe were the most severe the region has seen in 2,110 years and noted a sudden intensification since 2015.
In 2019, a report in Nature Climate Change warned that changes in the jet stream sharply increased the risk of heatwaves in regions responsible for up to a quarter of global food production – Western North America, Western Europe, Western Russia and Ukraine./aa
Crop losses stemming from heat waves and drought have tripled in the last 50 years in Europe, a study highlighting the vulnerability of food systems to climate change revealed.
Research published recently in the journal Environmental Research Letters, looked at agricultural production in 28 European countries – the current European Union and United Kingdom – from 1961 to 2018.
They compared this to data on extreme weather events – droughts, heat waves, floods and cold snaps – and found evidence suggesting "climate change is already driving increasing crop losses in observational records."
While all four became significantly more frequent over the 50-year time period, "the severity of heatwave and drought impacts on crop production roughly tripled," from losses of 2.2% between 1964 and 1990 to 7.3% from 1991 to 2015.
The study found that droughts in particular, which are becoming more frequent, are also becoming more and more intense: "the most severe events become disproportionately more severe."
Overall, European crop yields still increased in the period, by almost 150% between 1964-1990 and 1991-2015, said lead author Teresa Bras, from the Nova School of Science and Technology in Lisbon.
But losses connected to extreme weather were different depending on the crop.
"Cereals, a staple that occupies nearly 65% of the EU's cultivated area and is mainly used for animal feed, is the crop most severely affected," said Bras.
These showed "consistently larger losses" linked to droughts and heat spells than other crops, the report said, intensifying by more than 3% for every drought year.
Researchers said this could be explained by the more widespread irrigation of other crops like vegetables, grape vines and fruit.
Climate change is expected to multiply weather extremes, including heat waves and droughts and the study warned of "ripple effects" from impacts on Europe across the global food system and on food prices.
The study said the punishing heat wave and drought of 2018 in Europe caused a decrease in grain production of 8% compared to the average of the previous five years, "which caused fodder shortages for livestock and triggered sharp commodity price increases."
Since the 2015 Paris climate deal, the world has experienced its five hottest years on record.
The U.N.'s Food and Agriculture Organization has warned that food production is "extremely sensitive" to climate change.
Earlier this month a study published in the journal Nature Geoscience found that recent summer droughts in Europe were the most severe the region has seen in 2,110 years and noted a sudden intensification since 2015.
In 2019, a report in Nature Climate Change warned that changes in the jet stream sharply increased the risk of heatwaves in regions responsible for up to a quarter of global food production – Western North America, Western Europe, Western Russia and Ukraine./aa
France faced mounting calls from rights groups on Thursday to open an investigation into an air strike by its forces in Mali that a United Nations probe said killed 19 civilians at a wedding party.
U.N. investigators published a report on Tuesday about the Jan. 3 strike, concluding that it killed 19 civilians and three armed men near the central Mali village of Bounti.
France, which has more than 5,000 troops in Mali and neighboring West African countries to battle militants linked to al-Qaida and Daesh, rejected the conclusions, saying it hit militants only.
Domestic and international advocacy groups, including the Malian Association for Human Rights (AMDH), Amnesty International and Oxfam France, demanded that France and Mali conduct their own independent investigations.
"We ask the Malian and French authorities to place the quest for justice at the center of their action, notably through an independent and in-depth investigation," AMDH President Moctar Mariko said in a statement.
French Defense Minister Florence Parly, who arrived in Mali late on Wednesday to visit French and other European troops, did not commit to an investigation when asked by reporters.
"What we want is for this (U.N.) investigation, which was conducted in a unilateral manner, to take into account the arguments that we already wanted to emphasize the first time," she said on Thursday.
The French government has criticized the report's heavy use of witness accounts, which it said could be false testimonies by the militants' sympathizers or people under their influence. It has said its aerial surveillance allowed it to identify the targets as militants. It did not share that surveillance with U.N. investigators.
Parly said France would not be willing to publish those surveillance images, as it did after killing a senior al-Qaida leader last year.
"No army in the world has the habit of providing to its enemy the elements that would allow it to understand what we know about it," she said.
Mali's government, which in January backed the French account of the strike, has not yet commented on the U.N. report./DA