Trade war roils commodities from oil to gold to iron Ore
09 August 2019 | 12:42 pm
Oil advanced for the first time this week after Saudi Arabia signaled it's taking steps to stabilize the market, which has been rocked by the escalating U.S.-China trade war. Bloomberg's Alix Steel, Tina Davis, Mike McGlone and Luzi-Ann Javier discuss volatility in the commodity markets that caused gold to hit $1,500 and iron ore prices to enter a bear market.
Djeneba Belem's fried bean cake stall in Abidjan is a world away from the war raging in Ukraine. But her business is now at the mercy of an unexpected consequence: runaway palm oil prices. The conflict has helped propel prices for palm oil - ubiquitous in African dishes from Nigerian jollof rice to Ivorian sticky alloco plantains - to record highs that experts say will deepen a food-cost crisis and punish the poorest.
EU leaders are expected to present the proposed embargo later this week. Supporting the measure would be Germany's second turnaround in as many weeks with regards to Ukraine.
The oil embargo could be upheld for years, the German Foreign Minister Annalena Baerbock said. Her Green ally Robert Habeck said complete independence from Russian oil was possible by late summer.
The European bloc is moving closer to banning Russian oil with Germany changing course to support the embargo. But many questions remain open.
As EU member states push for a Russian oil embargo, Germany's PCK Schwedt refinery is facing an uncertain future. It runs wholly on Russian imports, and many locals aren't so sure alternatives can be found in time.
Hungarian Prime Minister Viktor Orban and Brussels are at odds again. Hungary refuses to support the planned oil embargo against Russia. But now even former allies such as Poland are turning their backs.
The 27 EU member states are deliberating a gradual ban on Russian oil imports. Some countries, such as Hungary, Slovakia and Cyprus, are concerned about the repercussions of such a move on their economies.
Hungary's government is "holding European Union decision makers hostage" by refusing to join an EU-wide embargo on Russian oil, according to Lithuania's foreign minister. This comes as EU leaders continue their efforts to gather support for a sixth sanctions package on Russia from all 27 EU member states. The government of PM Viktor Orban has claimed that an import ban on Russian oil would ruin the Hungarian economy. Lithuania's Foreign Minister Gabrielius Landsbergis tells FRANCE 24 that "Europe is weaker" as a result, and that he is "still hoping Budapest will be responsible in their decisions".
Russia's president has said banning oil imports from his country would be impossible for some dependent European states, after the EU failed to reach consensus to impose the measure.
Two months of nonstop bombardments, without medicine or enough food: A civilian spoke with DW about her rescue from a bunker in the Azovstal steel plant in Mariupol.
Find these stories and much more when you grab a copy of The Guardian on Friday.
Posts on social media claim that Russian forces captured a US admiral, Eric T. Olson, at the Azovstal steel plant in the Ukrainian city of Mariupol. The US Department of Defense confirmed to The FRANCE 24 Observers that Eric T. Olson retired in 2011 as an admiral for the US armed forces. But the claims that he was captured in Mariupol are false. We tell you more in this edition of Truth or Fake.
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