OPEC Oil Output Rises By 30,000 Bpd In October, Survey Finds

The European Union has agreed with China on stabilizing the flow of rare earth materials and products from China that are critical elements for many high-tech and military products, an official said Tuesday. EU trade commissioner Maroš Šefčovič met with Chinese Commerce Minister Wang Wentao in Brussels on Friday to discuss Beijing's export controls on rare earths issued in April and October, and European regulations on semiconductor sales, said Olof Gill, a spokesperson for the European Commission, the 27-nation bloc's executive arm. Like the U.S., Europe runs a huge trade deficit with China — around 300 billion euros ($345 billion) last year. It relies heavily on China for rare earth material and products, which are also used to make magnets used in cars and appliances.

Gill said that the EU welcomed China's recent 12-month suspension of rare earths export controls, and called for a new and stable system of trade in the critical materials. The EU is working with China on an export licensing system to ensure a more stable flow of rare earth minerals to the bloc, he said.

"This is an appropriate and responsible step in the context of ensuring stable global trade flows in a critically important area," Gill said.

Šefčovič said that that Brussels and Beijing were continuing to speak about further trade measures.

"Both sides reaffirmed commitment to continue engagement on improving the implementation of export control policies," he said in an X post.

China is the EU's second-largest trading partner in goods, after the United States. Bilateral trade is estimated at 2.3 billion euros ($2.7 billion) per day.

Both China and the EU believe it's in their interest to keep their trade ties stable for the sake of the global economy, and they share certain climate goals.

Source: Yahoo Finance

A Fed Cut, the End of Quantitative Tightening, Yet a Hawkish Shift in Tone

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Source: investing

Source: Bloomberg Europe

Source: Bloomberg

The world has failed to meet its main climate change target of limiting the rise in global temperatures to 1.5 degrees Celsius, and will likely breach this threshold in the next decade, the United Nations' Environment Programme said on Tuesday.

The annual Emissions Gap report said because of countries' slow action to reduce planet-heating greenhouse gas emissions, it was now clear that the world would exceed the core target of the 2015 Paris Agreement - at least temporarily.

"This will be difficult to reverse – requiring faster and bigger additional reductions in greenhouse gas emissions to minimize overshoot," UNEP said.

'WE CAN NO LONGER TOTALLY AVOID IT'

Lead report author Anne Olhoff said deep emissions cuts now could delay when the overshoot happens, "but we can no longer totally avoid it".

The 2015 Paris Agreement commits countries to limit the global average temperature rise to 2°C above pre-industrial levels, and to aim for 1.5°C.

Yet governments' latest pledges to cut emissions in future, if met, would see the world face 2.3-2.5°C of warming, UNEP said.

That's around 0.3°C less warming than the U.N.'s projection a year ago - indicating that new emissions-cutting plans announced this year by countries including top CO2 emitter China have failed to substantially close the gap.

China pledged in September to cut emissions by 7-10% from their peak by 2035. Analysts note the country tends to set modest targets and exceed them.

FINDINGS ADD PRESSURE TO COP30 CLIMATE SUMMIT

The findings add pressure to the U.N.'s COP30 climate summit this month, where countries will debate how to kick-start and finance faster action to rein in global warming.

The Paris Agreement temperature goals were based on scientific assessments of how each increment of global warming fuels worse heatwaves, droughts and wildfires. For example, 2°C of warming would more than double the share of the population exposed to extreme heat, compared with 1.5°C . Warming of 1.5°C would destroy at least 70% of coral reefs, versus 99% at 2°C.

Current policies - the ones countries already have in place - would lead to even more warming, of around 2.8°C, UNEP said.

The world has made some progress. A decade ago, when the Paris Agreement was signed, the planet was on course for around a 4°C temperature rise.

But heat-trapping CO2 emissions continue to rise, as countries burn coal, oil and gas to power their economies.

Global greenhouse gas emissions increased by 2.3% in 2024, to 57.7 gigatonnes of CO2 equivalent, UNEP said.

Source: Investing

A Washington Parish grand jury in Louisiana has indicted Democratic Bogalusa, Louisiana Mayor Tyrin Z. Truong on charges of malfeasance in office, public intimidation, and theft, according to the Bogalusa Daily News.

The indictment is part of what officials describe as an ongoing multi-agency investigation involving federal, state, and local authorities. Prosecutors allege Truong intentionally carried out his official duties unlawfully and knowingly allowed other city employees to ignore theirs. His arraignment is scheduled for November 10, 2025.

According to prosecutors, the case centers on claims that Truong misused Bogalusa taxpayer funds to pay a personal legal debt from a 2023 Louisiana public records lawsuit in which a judge ruled that Truong personally owed attorney fees and penalties after refusing to release public documents.

When the Bogalusa City Council denied his request to use public money, prosecutors say Truong threatened retaliation, vowing to overwhelm council members with records requests. Investigators allege he then pressured a city insurance vendor to issue a check labeled as a "reimbursement," had it deposited into a city account, and ordered another check for the same amount to be written to himself.

The Daily News writes that the indictment details additional alleged misconduct, including accepting unauthorized salary and leave payments, forcing a city contractor to pay another contractor who did no work, purchasing illegal narcotics from known drug dealers and failing to report the activity, attempting to solicit a bribe from a local business — a move that allegedly cost the city a major development project — and ordering city workers to perform plumbing repairs at his mother's home using city materials.

Prosecutors also accuse Truong of using city funds to solicit a prostitute at an Airbnb in Atlanta.

The charges follow Truong's January 2025 arrest by the Louisiana State Police during a drug-trafficking investigation. At the time, State Police said Truong "organized entertainment with a prostitute" during a mayors' conference in Atlanta and paid for the Airbnb using public funds, while also being accused of purchasing drugs in Louisiana. Investigators allege a Bogalusa-based drug ring was selling opioids, high-grade marijuana, THC products, and MDMA, with profits used to purchase firearms later connected to local crimes.

Sims emphasized that the probe continues and involves cooperation from multiple agencies. He said, "This case reflects the ongoing commitment to ensuring accountability and integrity in public office." Truong remains presumed innocent until proven guilty in a court of law.

Source: Zero Hedge