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New Zealand Plans to Make Facebook, Google Pay for News
  + stars: | 2022-12-05 | by ( Mike Cherney | )   time to read: 1 min
New Zealand has proposed a law that would seek to make online platforms pay news publishers for content. New Zealand said it would seek to require online platforms like Alphabet Inc.’s Google and Facebook owner Meta Platforms Inc. to pay news publishers for content, becoming the latest country to wade into a worldwide debate about whether tech giants unfairly benefit from news shared on their platforms. New Zealand’s proposal will be based on a similar law in Australia and introduced legislation in Canada and will be designed to act as an incentive for digital platforms to reach voluntary deals with local news outlets, according to a statement from New Zealand Broadcasting Minister Willie Jackson.
The price cap comes on top of an EU embargo on buying seaborne Russian crude oil as a measure aimed mainly at providing third-party countries with an option to still buy it if the transaction is at or below the price cap level. Below are the main elements of how the price cap is supposed to work:PRICE CAP LEVELThe price cap was set at $60 per barrel. Shipping companies will not be allowed to provide tankers for the transport of Russian crude unless the oil is sold at or below the $60 price cap. WHAT IS ALLOWEDProviding financial and shipping services for Russian crude oil is allowed if it is bought at or below the price cap as well as in an emergency. Specific projects which are essential for the energy security of certain third-party countries may be exempted from the price cap.
The price cap, to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the price cap. Because the world's key shipping and insurance firms are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price. Russia, the world's second-largest oil exporter, said on Sunday it would not accept the cap and would not sell oil that is subject to it, even if it has to cut production. In essence, such a decree would ban the export of oil and petroleum products to countries and companies that apply it.
Morning bid: Capped
  + stars: | 2022-12-05 | by ( )   time to read: +1 min
A look at the day ahead in European and global markets from Tom Westbrook:The Fed is in blackout and the World Cup is starting to get serious. Positioning suggests bets against the dollar remain pretty light, and even lightened a little bit last week. Monday in Europe also marks the beginning of the G7's $60-a-barrel price cap on Russian oil. It's not clear what that means for oil supply and prices, because Russia says it won't abide by the measure, even if that means cutting production. On the pitch, Asia's last contenders, Japan and South Korea, take on Croatia and Brazil, respectively.
That is what OPEC+ has chosen to do with the crude oil market. There are several factors currently creating uncertainty in global crude oil markets, and some are likely to push and pull prices in opposing directions. Much of the focus in global oil market has been on the G7 price cap and the EU ban on Russian crude oil imports, both of which commence today. Stronger economic growth and easing COVID-19 restrictions in China are bullish for crude oil demand, but neither of these is locked in and the outlook is still uncertain. Overall, it's now a waiting game for OPEC+ and the global oil market to see how the various uncertainties pan out in reality.
U.S. domestic demand was only 0.8% below than 2019 levels in October, while globally, domestic travel demand was 22.1% lower. REGIONAL PILOT SHORTAGEThe steep pay rise on offer to Delta pilots follows a series of large increases at U.S. regional airlines that serve as feeders to major carriers. Uniquely among world markets, the United States requires pilots even at regional airlines to have a minimum of 1,500 hours of flying experience. Faced with growing shortages of entry-level pilots and rapid attrition of more experienced ones to major airlines, U.S. regional carriers have lifted pay rapidly. The increases put pressure on major airlines to ensure their entry-level pay attracts joiners from regional carriers to cover retirements and planned fleet growth.
A pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, Russia, in 2015. The Group of Seven's price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. Oil prices climbed as much as 2% on Monday after China signaled a broader relaxation of Covid curbs, OPEC+ announced its decision not to change oil production targets, and a price cap on Russian oil took effect. The Group of Seven's price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. The Kremlin had previously threatened that it will not supply oil to countries setting and endorsing the price cap.
BP doubles down on hydrogen as fuel of the future
  + stars: | 2022-12-05 | by ( Ron Bousso | )   time to read: +6 min
[1/2] The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. But grey hydrogen becomes "blue hydrogen" if the polluting emissions are captured. The IRA offers a $3 per kilogramme tax credit for clean hydrogen, which brings green hydrogen to par or even below the cost of grey and blue hydrogen, according to analysts. "With the hydrogen production tax credits that are now in place, it has ... allowed green hydrogen to be a lot more competitive," McLeod said. Subsidies will initially allow green and blue hydrogen to compete with grey hydrogen, allowing consumers to switch to cleaner fuel, McLeod said.
Citizens dine at a restaurant on December 1, 2022 in Guangzhou, Guangdong Province of China. Shares in the Asia-Pacific were poised to trade mixed on Monday ahead of the results of the Caixin Purchasing Managers' Index, a private survey on China's services activity. The Nikkei futures contract in Chicago was at 27,635 while its counterpart in Osaka was at 27,700. That compared against the Nikkei 225's last close at 27,777.90. In Australia, the S&P/ASX 200 rose 0.31%.
Asia shares pin hopes on China opening, oil rallies
  + stars: | 2022-12-05 | by ( Wayne Cole | )   time to read: +4 min
The news helped oil prices firm as OPEC+ nations reaffirmed their output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.2%, after rallying 3.7% last week to a three-month top. Markets are wagering Fed rates will top out at 5% and the European Central Bank around 2.5%. read moreCentral banks in Australia, Canada and India are all expected to raise their rates at meetings this week. Oil prices bounced after OPEC+ agreed to stick to its oil output targets at a meeting on Sunday.
Australia PM tests positive for COVID, to work from home
  + stars: | 2022-12-05 | by ( )   time to read: 1 min
SYDNEY, Dec 5 (Reuters) - Australian Prime Minister Anthony Albanese said he had tested positive for COVID-19 on Monday afternoon and would work from home while isolating. read more"I encourage anyone who is unwell to test and to take any extra precautions to keep their families and neighbours well," Albanese said in a statement. Albanese is due to make a two-day trip to Papua New Guinea on Dec. 12-13. It is the second COVID infection for Albanese, who was sidelined for some of the federal election campaign earlier this year after a positive test. Reporting by John Mair; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
AL RAYYAN, Qatar—The knockout round of the World Cup is home to some of the most dramatic and unpredictable moments in all of sports. But it isn’t the place to come looking for upsets. The group stage can be relied upon to deliver shockers and surprises—and this tournament has given us its fair share, including Saudi Arabia’s historic defeat of Argentina and Japan’s stunner against Germany. But when the knockout stage rolls around, it’s time for Cinderella to go home.
A Friday video of baggage handlers roughly moving luggage went viral on TikTok. Workers in the video can be seen slamming, throwing, and kicking passengers' bags. In a video shared to TikTok Friday, three handlers can be seen slamming and throwing passengers' bags onto a conveyor belt while laughing. "The behavior in this video is clearly not acceptable, and our contracted ground handler is conducting an urgent investigation," a Qantas spokesperson told the Guardian. He added: "Disrespectful behavior to our customer luggage and personal effects will not be tolerated and will result in serious disciplinary action."
The Biden administration called them “shortsighted” and said they would hurt low- and middle-income countries by pushing energy prices higher. Europe’s ban on importing oil from Russia shipped by sea kicks in on Monday, injecting extra uncertainty into the outlook for energy supply. G7 nations, the European Union and Australia agreed Friday to impose a price cap of $60 a barrel on Russian oil shipped to other countries that have not adopted an embargo. The move, which also takes effect Monday, is aimed at depriving the Kremlin of revenue while avoiding a price shock by keeping Russian oil flowing to some markets. Moscow has previously threatened to retaliate by cutting off oil supply to countries that adhere to the price cap.
The Netherlands knocked the USMNT out of the Qatar World Cup on Saturday. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament. Qatar is the first Islamic country to host a World Cup.
Dec 4 (Reuters) - Egypt's blue-chip index outperformed regional peers to close higher on Sunday, while Saudi and Qatari stocks slipped on weakness in the financial and petrochemical sectors. They could fall further this week after OPEC+ agreed to stick to its oil output targets on Sunday but volatility is likely to continue after G7 countries and Australia also agreed a price cap on Russian oil. Saudi Arabia's benchmark index (.TASI) fell 0.9%, with Sabic Agri-Nutrients (2020.SE) down 4.2% and Sulaiman al-Habib Medical Services (4013.SE) 1.2% lower. Separately, Saudi oil behemoth Aramco's (2222.SE) base oil subsidiary Luberef announced its IPO price range between 91 and 99 riyals each. In Qatar, the index (.QSI) finished flat, as gains in energy stocks were partially offset by losses in financial stocks.
Heartbroken Australia bow out with heads held high
  + stars: | 2022-12-04 | by ( Nick Mulvenney | )   time to read: +3 min
"I just hope that everyone back in Australia really respects what we've done," said coach Graham Arnold. Indefatigable running, cohesiveness and pure Aussie grit had earned them back-to-back victories at the World Cup finals for the first time, surpassing even the hallowed 'Golden Generation' side of 2006. They just scraped into the tournament via two playoffs and departed for Qatar with the lowest expectations of any of the six Australia squads who have embarked on World Cup finals campaigns since 1974. On an individual level, young players like central defender Harry Souttar and Goodwin have proved they can mix it with the best in the world. Reporting by Nick Mulvenney; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.
Summary OPEC+ to begin virtual talks at 1100 GMTNo discussions of Russian price cap so far - delegatesWill keep existing cuts in placeLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil. Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow's war in Ukraine. OPEC+ argued it had cut output because of a weaker economic outlook. OPEC met virtually on Saturday without Russia and allies and did not discuss the Russian price cap, sources have said. OPEC+ begins talks at 1100 GMT with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.
WELLINGTON, Dec 5 (Reuters) - The New Zealand government said it will introduce a law that will require big online digital companies such as Alphabet Inc's (GOOGL.O) Google and Meta Platforms Inc (META.O) to pay New Zealand media companies for the local news content that appears on their feeds. "New Zealand news media, particularly small regional and community newspapers, are struggling to remain financially viable as more advertising moves online," Jackson said. "It is critical that those benefiting from their news content actually pay for it." The new legislation will go to a vote in parliament where the governing Labour Party's majority is expected to pass it. Australia introduced a law in 2021 that gave the government power to make internet companies negotiate content supply deals with media outlets.
If U.S. financial conditions continue to ease and implied market volatility remains well-anchored, bulls will stay on the front foot. On the Asian policy front, further evidence that the burst of 'jumbo' hikes is over will also support risk appetite. The fiscal policy focus this week will be on China, with the Communist Party's Politburo meeting early this month to lay out the government's strategy and guidelines for the year ahead. Analysts at Goldman Sachs expect policymakers to reiterate a 'supportive' stance in light of weak economic activity recently. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
CNN —In a World Cup of surprises, Japan has played a leading role in headline-making shock results. Croatia is a team undefeated in nine of its last 10 World Cup matches. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament.
Summary No discussions of Russian price cap so far - delegatesOil prices have come under pressure from weak economyLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, two OPEC+ sources told Reuters. The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil. Oil prices have declined since October due to slower Chinese and global growth and higher interest rates. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. Moscow said it would not sell its oil under the cap and was analysing how to respond.
MOSCOW, Dec 4 (Reuters) - Russia will not export oil that is subject a Western-imposed price cap even if Moscow has to accept a drop in oil production, President Vladimir Putin's point man on energy said on Sunday. "We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilise the market," Russian Deputy Prime Minister Alexander Novak said. Russia will not operate under a price cap, even if Moscow has to cut production, Novak said. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. Reporting by Reuters; editing by Guy FaulconbridgeOur Standards: The Thomson Reuters Trust Principles.
CNN —Former Arsenal manager Arsène Wenger said teams who focused on “competition” rather than “political demonstrations” performed better in the group stages of the World Cup. “Going to the World Cup, you know you have to not lose the first game,” said Wenger, who has taken up a role as FIFA’s chief of global football development since stepping away from management, said on Sunday. Seven European nations, including Germany, were set to wear the armbands at the World Cup, but chose not to so as not to put players at risk of receiving yellow cards. Social media users were critical of Wenger drawing a correlation between teams protesting and underperforming on the pitch. “Disgraceful comments by Wenger,” Craig Foster, a former Australian midfielder turned human rights activist, wrote on Twitter.
CNN —France was made to work hard for its place in the World Cup quarterfinals, overcoming an improved Poland side 3-1 thanks to goals from Olivier Giroud and Kylian Mbappé. That is Mbappé’s fifth goal of Qatar 2022 and already his ninth World Cup goal overall, breaking Pelé’s record of seven World Cup goals scored before the age of 24. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Issei Kato/Reuters Kylian Mbappé scores his second goal on November 26, leading France to a 2-1 victory over Denmark. Mbappé was one of the leading stars of the team's World Cup triumph four years ago.
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