作者: admin

  • Kyle Sandilands quits Australian Idol after pressure from activist campaign

    Kyle Sandilands quits Australian Idol after pressure from activist campaign

    Veteran Australian radio personality and media personality Kyle Sandilands has announced his immediate departure from his judging role on the hit reality singing competition *Australian Idol*, citing a deliberate activist campaign targeting the show’s advertising partners as the core reason for his exit. The 55-year-old, who has twice held a judging seat on the program, framed his exit as a decision made to protect the long-term viability of the *Australian Idol* brand.

    Sandilands confirmed the exit in comments to Nine Newspapers, explaining that advocacy group Mad F**king Witches had directly targeted both returning and potential advertisers for the Channel Seven-broadcast series, creating significant disruptions for the network’s sales department. “Those activists have attacked the potential clients for Australian Idol or the clients from last year, and has caused a problem in Channel Seven’s sales team,” Sandilands told reporters. “So I’ve told Channel Seven this morning … that I’m standing down from Idol for the good of the brand to continue.”

    Sandilands’ exit caps a turbulent 12 months for the high-profile media personality, a period marked by public splits, legal battles, major health news and an upcoming career pivot. Most notably, he split from his long-time on-air co-host Jackie O Henderson earlier this year, a rift that came after he made controversial public comments calling Henderson “off with the fairies” and “unfocused.” The disagreement led to the early termination of his $100 million contract with major radio network ARN, owner of KIIS FM, in March. Sandilands subsequently filed an unfair dismissal case against ARN, which settled out of court in June for a payout reported to exceed $12 million.

    In addition to his professional upheaval, Sandilands also revealed a serious 2025 health diagnosis: a brain aneurysm located in a high-risk position behind his eye, which surgeons have deemed inoperable. The split from Henderson also sparked public drama, with Sandilands recently sharing that actor Russell Crowe personally urged him to reach out and reconcile with his former co-host amid the ongoing fallout.

    Sandilands first served as an *Australian Idol* judge from the program’s 2005 launch through 2009, before returning to the judging panel in 2022 alongside international star Meghan Trainor and Australian recording artist Amy Shark. His exit comes just weeks after the show wrapped its 11th season on Channel Seven, with the finale airing in April.

    Looking ahead, Sandilands is on track to launch his new independent venture, *Kyle Sandilands Live*, a subscriber-only show distributed via a dedicated mobile app, scheduled to go live mid-August. Access to the new show will cost subscribers $99, and Sandilands has already released a tell-all documentary series detailing his side of the split from ARN and Henderson. This exit from *Australian Idol* clears the way for Sandilands to focus full-time on his new independent project as he navigates ongoing personal and professional transitions.

  • What to know about the conflict in Mali and the world’s most terrorized region

    What to know about the conflict in Mali and the world’s most terrorized region

    In the vast and violence-plagued Sahel region of West Africa, Mali is now confronting its most severe security breakdown in a decade, after two once-disparate armed factions — an al-Qaida-linked jihadi network and a Tuareg separatist group — formed a tactical partnership that has sharply intensified attacks on state military targets.

    This unprecedented alliance between Jama’at Nusrat al-Islam wal-Muslimin (JNIM), the Sahel’s most powerful al-Qaida affiliate, and the newly formed Azawad Liberation Front (FLA), a separatist movement fighting for northern Mali’s independence, marks a dangerous new turning point in a conflict that has stretched across decades. Analysts warn the coordinated campaign has already produced some of the deadliest assaults on Malian security forces and their international allies seen in recent years.

    The scale of the escalation became clear in April, when the allied groups launched large, simultaneous attacks across multiple regions of Mali — the first coordinated offensive of its size in 10 years. Earlier this month, the partnership carried out a deadly ambush on a Malian military convoy, leaving dozens of soldiers dead or captured and ratcheting up pressure on the country’s ruling military junta, which has held power since a 2020 coup.

    Data from the Armed Conflict Location and Event Data (ACLED), an independent conflict monitoring organization, confirms the rapid worsening of violence. Fatalities linked to militant attacks across Mali jumped 35% in the first seven months of this year, rising to 3,435 from 2,546 recorded in the same period in 2024.

    “The JNIM and FLA gain clear strategic advantage from collaborating, because each acts as a force multiplier for the other,” explained Heni Nsaibia, ACLED’s senior analyst for West Africa. Nsaibia noted both groups share a core immediate goal: defeating their common enemy, which they identify as the Malian armed forces and Russia’s Africa Corps, the Kremlin-aligned paramilitary group that now supports the junta.

    FLA spokesperson Mohamed Elmaouloud Ramadane confirmed the arrangement to the Associated Press, describing the partnership as “a form of tactical coordination” focused exclusively on military operations. Ramadane added that the groups have agreed that once northern Mali achieves independence, local communities will vote to decide what form of sharia law, if any, will be implemented in the region.

    To understand the current crisis, it is necessary to trace the long arc of instability in Mali. The modern conflict first ignited in 2012, when a Tuareg rebellion in northern Mali opened a power vacuum that jihadi groups quickly moved to fill, pushing the entire Sahel — a vast semi-arid belt stretching from North Africa to the Atlantic coast of West Africa — onto a path of persistent, large-scale violence. In 2020, Malian soldiers seized control of the civilian government, justifying the coup by pointing to the ongoing security failure. That power grab triggered a wave of follow-up coups across the Sahel, which the Institute for Economics and Peace now classifies as the deadliest region on Earth, accounting for more than half of all global terror-related fatalities annually.

    Analysts broadly agree that military rule has failed to reverse the security decline, and has instead allowed armed groups to expand their territorial control across Mali and the wider Sahel. To contextualize the current fighting, a breakdown of the major active factions follows:

    ### Jama’at Nusrat al-Islam wal-Muslimin (JNIM)
    Formed in 2017 from the merger of four separate al-Qaida-aligned factions operating in Mali, JNIM is widely recognized as the most powerful armed group in the Sahel and one of al-Qaida’s deadliest global affiliates. Its founding stated goal was to expel French counterterrorism forces, which were deployed to support the Malian government at the time.

    Led by Iyad Ag Ghaly, a veteran Tuareg rebel and former Malian diplomat, JNIM operates across nearly all of Mali’s northern, southern, western and central regions. Last year, the group imposed a continuing blockade on fuel imports into Mali, severely disrupting supplies to the capital Bamako. It has also expanded its operations into neighboring Niger and Burkina Faso, and is pushing its influence into coastal West African states.

    JNIM has forced the Malian military to spread its forces thin across vast swathes of territory, stretching the army’s operational capacity to breaking point. In recent years, the group has increasingly positioned itself as a legitimate alternative to the weak central government.

    “JNIM has progressively expanded its influence, becoming an increasingly unavoidable interlocutor for some local communities and exercising de facto authority in certain areas where state institutions have only a limited presence,” said Beatrice Bianchi, an adviser for the Sahel-Sahara Security Strategies Centre.

    ### Azawad Liberation Front (FLA)
    Founded in 2024, the FLA is the latest iteration of Tuareg separatist movements that have fought for northern Mali’s independence since the 1960s, shortly after Mali gained sovereignty from France. Separatist leaders have long argued that the central government in Bamako has systematically marginalized the northern region both politically and economically.

    In 2012, a coalition of Tuareg rebel groups under the Coordination of Azawad Movements declared independence for the Azawad region, sparking a broader rebellion that aligned with the rising jihadi insurgency. A 2015 peace accord brokered by Algeria between the Malian government and rebel groups paused large-scale hostilities, but the ruling junta withdrew from the agreement in 2024 amid surging tensions, triggering a return to open conflict. In response, leaders from multiple separatist factions merged to form the FLA.

    ### Islamic State Sahel Province (ISSP)
    The Sahel branch of the Islamic State network, ISSP was formed by defectors from al-Mourabitoun, one of the four al-Qaida groups that merged to create JNIM. The Islamic State leadership formally recognized ISSP’s allegiance in 2022. Compared to JNIM, ISSP is far less prominent across Mali, with most of its operations concentrated in the Menaka region bordering Niger.

    Unlike JNIM, which works to build local acceptance alongside its military campaign, ISSP’s explicit goal is to establish a global Islamic caliphate in the region, and it relies far more heavily on violence and intimidation against civilian populations. “Both organizations are responsible for significant violence against civilians, but JNIM has generally sought to combine coercion with efforts to build local acceptance, while the Islamic State has relied more heavily on overt violence and intimidation,” Bianchi said. The two jihadi groups are also frequent rivals, violently competing for territory and clashing over competing interpretations of jihad, reflecting the long-running global rivalry between al-Qaida and the Islamic State.

    ### Africa Corps
    The Africa Corps is a Russian paramilitary force that replaced the disbanded Wagner Group after its 2023 mutiny, and falls under the direct command of the Russian Ministry of Defense. After seizing power, the Malian junta expelled French counterterrorism forces from the country in 2022, framing the move as a defense of national sovereignty amid the worsening security crisis. The junta then abandoned its long-standing Western security partnerships to turn to Russia, first engaging the Wagner Group as a security proxy, before the Kremlin replaced Wagner with the Africa Corps. The paramilitary fights alongside Malian government forces, but has been widely accused of systematic gross human rights violations against civilian populations.

    ### Pro-Government Auxiliary Forces
    A number of smaller ethnic militia groups also support the Malian government, though their alliances are often fluid. These include the Dozo, a faction of former hunters that has become militarized, and Tuareg self-defense groups such as the Imghad Tuareg Self-Defense Group and Allies (GATIA) and the Movement for the Salvation of Azawad (MSA), both active in the Menaka region. One prominent militia, Dan Na Ambassagou, which targets Fulani communities accused of harboring jihadis, was once backed by the government but has since been renounced by state authorities.

  • Renowned Nepali climber among 10 missing after Pakistan avalanche

    Renowned Nepali climber among 10 missing after Pakistan avalanche

    A devastating avalanche has left 10 climbers, including world-famous Nepali mountaineer Nirmal Purja, unaccounted for on Pakistan’s 8,047-meter Broad Peak in the Karakoram mountain range, the Alpine Club of Pakistan (ACP) confirmed in a statement released late Thursday. No contact has been established with the entire climbing team since the snow slide occurred, leaving mountaineering communities around the world on edge.

    The expedition team caught in the avalanche is made up of climbers from six nations: five Nepalese, one Pakistani, one Omani, one American, one Chinese, and one additional foreign national, according to the ACP’s official confirmation. All communication devices carried by the group have remained silent since the incident, triggering an urgent large-scale search and rescue response.

    Purja, 43, is one of the most accomplished high-altitude climbers of his generation. Before transitioning to full-time mountaineering and expedition guiding, he built a 16-year career in British military service, serving first in the Brigade of Gurkhas and later in the Royal Marines’ elite Special Boat Squadron. Since turning his focus to climbing, he has redefined the limits of high-altitude mountaineering, breaking multiple world records that stood for decades.

    In 2019, Purja made global headlines by summiting all 14 of the world’s 8,000-meter-plus peaks, known as “eight-thousanders,” in just six months and six days — a feat that shattered the previous record by years. In 2021, he led the first team to successfully summit K2, the world’s second-highest peak, in the harsh winter season, a milestone many thought impossible for decades.

    Just days before the avalanche, Purja shared his latest expedition goal on social media platform X: he was attempting to become the first climber in history to summit all 14 eight-thousanders twice without using supplemental oxygen. In his final post before losing contact, he shared a reflective message about his approach to high-altitude climbing: “Broad Peak, I ask for nothing but safe passage up and back down. I take zero mountains for granted. Not one. The moment my foot leaves basecamp, it’s 100%. Always has been. Always will be. My purpose has never been about me. It’s about what I represent. It’s about showing YOU that your own mountains — whatever they are — are climbable.”

    Broad Peak, the 12th highest mountain on Earth, is widely regarded as one of the most technically challenging of all 8,000-meter peaks, with unpredictable snow conditions and high avalanche risk that deter even experienced climbers. It was first successfully summited by an Austrian expedition team in 1957.

    In response to the incident, Pakistani authorities have mobilized emergency rescue resources: two Pakistan Army helicopters outfitted with specialized high-altitude rescue gear and experienced search personnel have been deployed to the area to support ground teams, who face extreme conditions in the high-altitude search zone. The ACP noted that the helicopters are intended to boost the capacity of on-the-ground teams operating in the harsh, remote environment of the Karakoram, as rescuers work against the clock to locate the missing climbers.

  • Banking giant HSBC sells $36bn mortgage portfolio to Blackstone, announces retail banking arm will close

    Banking giant HSBC sells $36bn mortgage portfolio to Blackstone, announces retail banking arm will close

    Global banking giant HSBC has unveiled a landmark deal that will end its four-decade-long retail banking operations in Australia, confirming it will offload its $36 billion domestic home and personal loan portfolio to private equity leader Blackstone. The transaction, announced publicly on Friday, forms the core of a planned 18-month wind-down of HSBC’s Australian retail banking division, a process that will wrap up with the deal’s expected closure in the first half of 2027.

    Under the terms of the agreement, non-bank lending specialist Pepper Money Ltd has been tapped to serve as the portfolio’s servicer once the sale is finalized, with the firm tasked with delivering consistent, uninterrupted support to both borrowers and mortgage brokers throughout the transition. HSBC stressed that for the immediate future, existing retail customers will face no disruption to their everyday banking services, and no immediate action is required from account holders. The company confirmed it will proactively reach out to customers in coming months with detailed updates on upcoming changes to their product terms and access.

    HSBC officials framed the decision as the outcome of a full strategic review of the Australian retail business, noting it aligns with the HSBC Group’s broader global push to simplify its operations and streamline its core focus areas. The local review launched shortly after George Elhedry took over as chief executive of HSBC Australia at the end of 2024, with internal leadership signaling the bank’s intent to exit the Australian market more than 12 months ago.

    First entering the Australian market in 1986, when then-treasurer Paul Keating opened the domestic banking sector to foreign competition, HSBC never managed to capture a substantial share of the country’s competitive retail and mortgage market despite decades of operation. This exit is the latest in a string of global downsizing moves for the London-headquartered bank: in July, it completed the $2.1 billion sale of its Singaporean insurance business to European financial firm Allianz.

    For Blackstone, the acquisition builds on the private equity firm’s rapidly expanding footprint in Australia, coming less than a year after it purchased data center operator AirTrunk for $23.5 billion in 2024. Mike Culhane, Blackstone’s Head of International Business Development, said the firm was eager to add the high-quality Australian home loan portfolio to its assets, while committing to delivering a seamless transition for all stakeholders. “This investment is a testament to the power of our franchise and our conviction in the growing opportunities in credit,” Culhane noted in a statement following the deal’s announcement.

  • UK rapper Yung Filly found not guilty of raping woman after Australian show

    UK rapper Yung Filly found not guilty of raping woman after Australian show

    A high-profile British content creator and rapper has walked away cleared of the majority of serious sexual assault charges against him following a criminal trial in Western Australia, after a jury delivered its mixed verdict this week. Andres Felipe Valencia Barrientos, 30, who performs and creates content publicly under the stage name Yung Filly, faced six counts of sexual penetration without consent, one count of assault causing bodily harm, one count of strangulation, and two additional assault charges connected to an alleged incident in August 2024. The allegations stem from an encounter between Barrientos and a then-20-year-old fan, which occurred in the creator’s hotel room after he performed a live set at a nightclub in Hillarys, a coastal suburb located just north of Perth.

    After deliberating on the case, the 12-person jury delivered a verdict of not guilty on three of the six non-consensual sexual penetration charges, as well as full acquittal on the strangulation charge and the single count of assault occasioning bodily harm. However, the jury was unable to reach a unanimous decision on the remaining three sexual penetration charges, resulting in a hung jury for those counts. Barrientos was also found guilty on the two lesser assault charges brought by prosecutors.

    The UK-based creator, who rose to widespread fame as a core member of the popular YouTube collective Beta Squad, has expanded his career to mainstream British television: he has appeared on Channel 4’s celebrity edition of *The Great British Bake Off* and fronted original programming for BBC Three. Following the verdict, Barrientos has been granted continued bail ahead of his next court appearance, scheduled for 21 August. That hearing will set a formal date for sentencing on the two assault convictions. Prosecutors are also expected to announce their next steps regarding the hung jury charges in the coming weeks, deciding whether to proceed with a retrial or drop the remaining counts entirely.

  • Richmond coach hits back at ‘outside noise’ over securing top draft pick

    Richmond coach hits back at ‘outside noise’ over securing top draft pick

    As the AFL regular season enters its final stretch, the Richmond Tigers find themselves caught between two competing priorities heading into their Sunday clash with the West Coast Eagles: the short-term goal of winning to avoid the wooden spoon, and the long-term prospect of holding onto the number one overall draft pick that could help them land star talent. Head coach Adam Yze has made his stance unequivocally clear: the team will be playing to win, no matter the consequences for their draft position.

  • Ferrand-Prevot bids to defend Tour de France Femmes title

    Ferrand-Prevot bids to defend Tour de France Femmes title

    The 2026 edition of the Tour de France Femmes is set to get underway this Saturday in Lausanne, Switzerland, and all eyes are on defending champion Pauline Ferrand-Prevot as she chases a historic repeat victory. The French rider, who claimed the 2025 title to end a 36-year drought for home-grown winners of the race, has built her entire 2026 campaign around this nine-stage showdown, and says she is ready to fight for the yellow jersey.

    Ferrand-Prevot, an Olympic champion in mountain biking, made the deliberate choice to return to full-time road racing just two years ago, with the Tour de France Femmes as her sole top priority. That gamble paid off 12 months ago, when she crossed the line in Paris to become the first French rider to win the women’s Tour since 1989. This year, she has stuck to a carefully planned racing schedule tailored to peak in August: she notched up strong results at the spring classics, taking second at the Tour of Flanders and third at Paris-Roubaix, before stepping back from competition after finishing 35th overall at the Vuelta Femenina in May.

    In an online media briefing with reporters this week, the 34-year-old laid out her season-long strategy, emphasizing that her focus has never wavered from the Tour. “My goal, since the beginning, is to be able to be 100% for the Tour de France, so I never really had in mind to win other races,” she said. “I know that I need a specific preparation to be able to win races, so I just pick my battle, and I choose the Tour de France as the battle. I’m not the kind of rider who can and who wants to perform all season long; I just want to have a big goal in the season and to commit to it.”

    Ferrand-Prevot will have strong support from her Team Visma-Lease a Bike squad, which has been constructed specifically to support her bid for a second yellow jersey. The roster includes one of the most decorated riders in women’s cycling, triple Tour stage winner Marianne Vos, adding depth and tactical flexibility to the team’s campaign.

    But the defending champion will face one of the strongest fields in the young race’s history, with bookmakers and pundits marking in-form Dutch rider Demi Vollering as the pre-race favorite. Vollering has enjoyed a stellar 2026 season, claiming overall victory at the Giro d’Italia Women and winning multiple top-tier one-day races, bringing the best current form into the race among all contenders.

    A host of other top riders are also expected to challenge for the overall title: Swiss time trial specialist Marlen Reusser, reigning Vuelta Femenina winner Paula Blasi, and 2024 champion Katarzyna Niewiadoma-Phinney are all considered legitimate podium contenders, while veteran contenders Elisa Longo Borghini and Anna van der Breggen cannot be counted out of a top result.

    This year’s route, which wraps up with a finish in Nice on August 9, has already been labeled the most difficult edition of the women’s Tour since the race’s modern revival. Riders will tackle nearly 19,000 meters of total climbing over the nine days, including an individual time trial in Dijon and the first-ever appearance of the iconic Mont Ventoux climb in the women’s race. The legendary mountain is set to host a potentially decisive summit finish that could shake up the general classification before the race’s final day. If Mont Ventoux does not sort out the battle for yellow, the demanding hilly final stage around the French Riviera will provide one last opportunity for contenders to attack.

    Race director Marion Rousse highlighted the challenges of the new route when it was unveiled last October, noting that the increasing depth of the women’s peloton called for a tougher, more dynamic course. “This is the toughest women’s Tour so far,” she said. “We’ve made it a little harder because the peloton is stronger. It’s a clever route – every stage has a potential trap.”

  • Major oil companies reap massive profits as US and Iran fighting drives energy prices higher

    Major oil companies reap massive profits as US and Iran fighting drives energy prices higher

    Six months of escalating conflict between Iran and the United States has upended global energy markets, triggering sky-high fuel prices, widespread supply shortages, and historic windfall profits for major American and European oil and gas producers. The disruption has completely choked off most commercial shipping through the Strait of Hormuz, the critical Persian Gulf chokepoint that historically carried roughly 20% of the world’s daily oil and natural gas supplies.

    With global energy supplies sharply constrained, benchmark Brent crude prices surged from a pre-conflict level of around $70 per barrel to trade consistently above $100 throughout the second quarter of this year, peaking at $126 per barrel. This market upheaval has delivered extraordinary financial gains to large Western energy firms, even as households and businesses across the globe grapple with soaring fuel costs and emergency supply measures.

    In recent quarterly earnings reports, two of America’s largest energy producers posted staggering results. Texas-based Exxon Mobil announced Friday that its second-quarter net profit doubled year-over-year to $14.53 billion, with total revenue jumping 42% to $116.02 billion, driven in large part by record high diesel production. Houston-based Chevron reported even stronger relative growth, with net profits nearly quadrupling to $12.07 billion and revenue rising 56% to $70.06 billion. Across the Atlantic, six of Europe’s biggest oil companies recorded a combined $22 billion in first-quarter profits, a more than 40% increase from the same period last year.

    The massive windfalls have drawn intense public and political scrutiny, as consumers around the world face the fallout of constrained supplies. Some countries have already been forced to implement emergency measures: Australia has introduced sporadic fuel rationing, while Nepal and Sri Lanka shut down government offices to conserve fuel. In the United States, the average price of regular gasoline has climbed to $4.11 per gallon, up $1 from a year ago and well below the sub-$3 average seen before the conflict disrupted Hormuz shipping. For working households that rely on vehicles for commuting and work, the price spike has become a major financial burden.

    In response to public anger over the profiteering, Congressional Democrats have introduced legislation to impose a windfall profits tax on large oil producers, with the revenue targeted for direct redistribution to American consumers. “It’s fair to put a windfall profits tax on inordinate windfall profits rather than cut off children’s food programs,” said Sen. Sheldon Whitehouse of Rhode Island, sponsor of the Senate bill. The legislation, paired with a House version introduced by Rep. Ro Khanna of California, would amend the U.S. tax code to place a per-barrel tax on any company that produces or imports at least 300,000 barrels of oil daily starting in 2025. The proposal follows similar measures adopted by the UK and other European nations, which implemented temporary windfall taxes on fossil fuel firms in 2022; the UK has since extended its tax through 2030.

    Oil industry leaders have pushed back hard against the proposal, arguing that they do not set global oil prices, which are determined by market supply and demand dynamics and trading activity. Exxon CEO Darren Woods argued that windfall taxes discourage future investment, telling investors on a Friday call that the company canceled planned European investments after the region introduced its first windfall tax, calling such policies “very short-sighted.”

    Energy analysts note that integrated energy firms that own both production operations and refineries have been the biggest winners of the current market crisis. Global refining capacity is already stretched thin, with key suppliers Russia and China having pulled back on exports, while many refineries in the Middle East have been damaged by the conflict. American refineries, which have secure access to crude supplies, are currently operating near full capacity, and their profit margins have exploded. Chevron reported that its second-quarter refinery profit was six times higher than pre-conflict levels, even as the company processed less crude and sold fewer finished products. “The return on refining, on a percentage basis, has skyrocketed,” said Tom Seng, assistant professor of energy finance at Texas Christian University. “Oil right now is priced what it is priced because of the Iran war. But in the meantime, the refineries are making money hand over fist.” Rob Thummel, senior portfolio manager at Tortoise Capital, added that global shortages of jet fuel, diesel, and gasoline are likely to persist, keeping refining profits high for the foreseeable future.

    Timothy Fitzgerald, a business economics professor at the University of Tennessee who studies the petroleum industry, explained that U.S. refiners with ample crude access are reaping extraordinary gains, particularly from jet fuel and diesel – which currently trade at a 41% premium to pre-blockade prices in the U.S. The higher energy costs ripple through every sector of the global economy, he noted, since almost all goods have embedded energy costs that get passed on to consumers. “Ultimately, users of the energy services pay,” Fitzgerald said. “Consumers, people like you and me buying retail motor gasoline or diesel fuel or airplane tickets. But it also means that almost everything else we buy has an embedded energy content to it … and this is where you start to worry about it driving increases in costs.”

    Analysts emphasize that not all oil and gas companies have benefited equally from the current crisis. U.S.-based producers and international firms with large production holdings outside the Persian Gulf have seen profits surge, as they sell existing supplies at elevated global prices. By contrast, Middle Eastern producers trapped by the Hormuz blockade and facing damaged infrastructure have seen sharp revenue declines, as their export volumes are drastically curtailed and they face much higher transportation and security costs. Additionally, the timing of price gains benefited different firms unevenly: European companies with large volumes of stored oil available for spot market sales were able to capitalize on March’s price surge, while U.S. majors like Exxon and Chevron only began capturing higher prices starting in April, due to standard oil trading timelines.

  • Trump hails a ‘unique’ Cabinet meeting at Camp David as he seizes on Spain’s migration crisis

    Trump hails a ‘unique’ Cabinet meeting at Camp David as he seizes on Spain’s migration crisis

    CAMP DAVID, Md. – In a break from regular Washington protocol, former President (current 2025 office-holder) Donald Trump brought his Cabinet’s weekly meeting to the wooded, historic presidential retreat of Camp David in northern Maryland on Friday, leveraging the iconic location’s symbolic weight to tout his administration’s policy wins and frame a looming immigration warning for midterm election voters.

    Marking a first for the storied site, this gathering was the first-ever televised Cabinet meeting held at Camp David, a detail the White House prioritized in its morning communications leading up to the event. Opening the session, Trump emphasized the uniqueness of the setting, noting “It’s Camp David, and this room is a very, very special room.”

    After opening remarks, Trump moved through his standard campaign-season talking points, highlighting economic growth, border security policy and the administration’s approach to Iran before pivoting to a sharp political warning. Pointing to the recent dramatic surge of undocumented migrants arriving in Ceuta, a small Spanish overseas territory in North Africa, Trump framed the unrest as a cautionary tale for American voters ahead of the upcoming midterm elections.

    “You know I saw Spain yesterday, and I watched the catastrophe that took place. It looks like an invasion of a country by hundreds of thousands of people,” Trump told the assembled Cabinet. “And that same thing is going to happen to us if the Republicans don’t get elected. Except worse, much bigger.”

    Following Trump’s opening address, top administration officials including Secretary of State Marco Rubio and Defense Secretary Pete Hegseth delivered brief remarks, before the president opened the floor for questions from the press pool. Journalists exited the closed meeting after nearly an hour of questions and discussion.

    This gathering marked the first successful in-person Cabinet meeting at Camp David during Trump’s second term. A planned May meeting at the retreat was canceled entirely due to severe inclement weather, though Trump held one similar session at the site during his first term in office. Unlike the format used by many previous presidents, Trump has opened the full public portion of his Cabinet meetings to press access, a move his aides have framed as proof of his commitment to government transparency. In previous sessions, public portions of meetings stretched as long as three hours, with every Cabinet head offering department updates that often included personal praise for the president’s leadership. More recently, however, Trump has pushed for tighter time limits, urging brief remarks and cutting back on the number of oral department reports to avoid overly long sessions. “Everybody around here has got a lot to say. But we did that once, and it lasted for like four or five hours. It was a little much,” Trump explained during the scuttled May meeting.

    Beyond its role as a setting for Friday’s political gathering, Camp David has occupied a unique place in American presidential history for more than 80 years. First established in 1942 during Franklin D. Roosevelt’s administration, the retreat was created after military and Secret Service officials raised safety concerns about Roosevelt’s habit of relaxing aboard a presidential yacht on open water during World War II. Roosevelt asked the National Park Service to identify potential rest sites within 100 miles of the White House, and ultimately selected the Catoctin Mountain location, originally naming it Shangri-La after the fictional utopia from James Hilton’s novel *Lost Horizon*. President Dwight Eisenhower later renamed the retreat Camp David, in honor of his grandson and father.

    Every U.S. president since Roosevelt has used the 180-acre mountain retreat, which offers both a private escape from the pressures of Washington and a secure, discrete location for sensitive diplomatic negotiations. Its most iconic diplomatic moment came in 1978, when President Jimmy Carter hosted Egyptian and Israeli leaders for 13 days of closed talks that ultimately produced the landmark Camp David Accords, a historic peace agreement between the two nations. In 1979, Carter also gathered a cross-section of American civic leaders at the retreat for discussions ahead of a nationally televised energy policy address that later became known as the “malaise speech,” despite Carter never using the term in his remarks.

    In 2019, during his first term, Trump made headlines when he canceled a planned secret Camp David summit with Taliban and Afghan government leaders just days before the 18th anniversary of the September 11 attacks. The cancellation came after a Kabul bombing killed 12 people, including one U.S. service member.

    During his first term, Trump was a frequent visitor to Camp David, often spending multiple weekends a month at the retreat. In his second term, his visits have been far less frequent, with his most recent prior stay coming in June for a Father’s Day weekend break.

    Today, the Navy-operated, Marine-guarded retreat includes the presidential Aspen Cabin, roughly a dozen guest cabins, a main lodge with conference facilities, a presidential dining room and private office, and a wide range of recreational amenities, including a fitness center, bowling alley, movie theater, heated swimming pool, tennis and basketball courts, and an on-site chapel for religious services. Its core purpose, maintained across eight decades, remains to give sitting presidents a private, secure space to rest, recharge and meet away from the public spotlight of Washington.

    Superville and Kim contributed reporting from Washington, D.C.

  • China’s factory activity unexpectedly slips into contraction in July

    China’s factory activity unexpectedly slips into contraction in July

    After a five-month streak of expansion, China’s manufacturing sector shrank unexpectedly in July, casting fresh uncertainty over the growth trajectory of the world’s second-largest economy, official data released Friday shows.

    The National Bureau of Statistics reported that the official manufacturing Purchasing Managers’ Index (PMI) dropped to 49.2 this month, down from 50.2 in June. This reading fell far below economist forecasts, marking the first contraction in factory activity since February 2024.

    Breakdowns of the survey data show key underlying metrics also moved into contraction territory. The sub-index tracking new domestic and international orders fell to 48.5 in July, its lowest level since the start of 2023, down from 51.2 in June. Similarly, the production sub-index slipped to 49.9 from 51.4 over the same period.

    On the PMI scale, which ranges from 0 to 100, any reading above 50 signals expanding activity, while a figure below 50 indicates a contraction. The July downturn offers the first major insight into China’s economic performance for the second half of 2024, and experts warn the outlook remains challenging.

    “This latest PMI reading is an unpromising opening for the first wave of second-half economic data,” Lynn Song, chief economist for Greater China at ING Bank, noted in a recent analysis.

    Economists from Capital Economics point to multiple factors driving the unexpected contraction. Softening domestic demand, including a slowdown in construction-related manufacturing output, was the primary drag. Additionally, multiple severe typhoons that hit coastal and southern China in July disrupted port operations, factory production and supply chain logistics, exacerbating the monthly decline.

    The July manufacturing downturn comes as China’s broader economy has been grappling with persistent headwinds for months. A years-long downturn in the country’s massive property sector has eroded household consumer confidence, while stagnant wage growth and tight labor market competition have made consumers more cautious about discretionary spending. Sluggish domestic investment and consumer spending have further held back overall growth.

    In the April-June second quarter, China’s economy expanded at an annual rate of 4.3%, the slowest year-on-year pace in more than three years. This result falls short of the Chinese government’s official full-year growth target of 4.5% to 5%, putting additional pressure on policymakers to roll out new stimulus measures.

    Up to this point, robust export growth, particularly for high-tech goods such as semiconductors and electric vehicles, has been a key pillar supporting China’s overall economic momentum this year. But these sectors are highly capital-intensive, meaning they have generated limited new job growth to ease domestic labor market pressures.

    China’s strong export surge has also sparked international trade tensions. The U.S. and other major economies have criticized Beijing for supporting excess industrial capacity across sectors from solar panels to electric vehicles through large state subsidies. These countries argue that as domestic demand slows in China, heavily subsidized cheap Chinese exports are flooding global markets, threatening manufacturing sectors and employment in other economies. Beijing has repeatedly rejected these claims.

    Gary Ng, senior economist at French investment bank Natixis, noted that China’s current economic policy framework continues to prioritize productivity growth over expanding domestic household consumption, a structural dynamic that keeps the economy reliant on external demand.

    Most economists forecast that China will continue to lean on export growth to prop up overall output for the remainder of 2024. At the same time, top Chinese policymakers have signaled a new push to boost domestic consumption: the ruling Communist Party’s Politburo, the top decision-making body, pledged Thursday to introduce new measures to lift household spending and support sluggish sectors of the economy.