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As production at maximum

Qatar can't help red hot gas markets

Doha - Qatar, the world's largest supplier of liquefied natural gas, said on Monday it can't help ease the red hot gas market because it has allocated all its output and believes the high prices are destructive for demand: "We are maxed out as far as we have given all our customers their due quantities," Qatar's energy minister Saad al- Kaabi said

The deal

Global tax criticized for "no teeth"

Paris - A group of 136 countries on Friday set a minimum global tax rate of 15% for big companies and sought to make it harder for them to avoid taxation in a landmark deal that U.S. President Joe Biden said levelled the playing field

Supply's shortage

Samsung Electronics close to finalising $17 bln Texas chip plant

Seoul - Samsung Electronics is close to finalising the construction of a $17 billion semiconductor factory in Williamson County in the U.S. state of Texas, three people with knowledge of the matter said. Samsung told that it is continuing due diligence in multiple locations, and that it has yet to make a decision. The factory will make advanced logic semiconductor chips and is likely to create about 1,800 jobs

But says it's a "reality"

U.S. reassures allies over Nord Stream 2

Kyiv - A senior U.S. envoy said on Saturday he had delivered reassurances to Ukraine and Poland on mitigating any threat posed by Russia's Nord Stream 2 gas pipeline, but that the project was now a "reality"

NOC says

Loading resumes at two Libyan oil ports

Tripoli - Loading operations at the Libyan oil terminals of Es Sider and Ras Lanuf resumed on Friday after a stoppage, National Oil Corporation and two engineers at the ports said. Exports were still halted at a third terminal, Hariga, where people have blocked loading operations, an engineer there said. Libyan oil output has been over 1.3 million barrels per day for much of 2021

Gas flows yet to start

Russia completes Nord Stream 2 construction

Moscow - Gazprom said on Friday it had finished construction of the Nord Stream 2 subsea pipeline to Germany, allowing Russia to potentially double lucrative gas exports to Europe via the Baltic Sea while bypassing and cutting off a source of income for political foe Ukraine

Says an advisory body

China should pledge absolute CO2 emissions cap

Shanghai - China needs to impose an absolute cap on carbon emissions during the 2021-2025 period to help meet its climate goals, an influential government advisory body said in a new report. China currently has no set cap on greenhouse gas emissions, now the highest in the world at more than 10 billion tonnes a year

After cyberattack

Colonial Pipeline has no plan to pay ransom to hackers

Washington - Colonial Pipeline does not plan to pay the ransom demanded by hackers who have encrypted its data, according to sources familiar with the company's response on Wednesday. The hack prompted a pipeline shutdown that is now in its sixth day and has led to panic buying and gasoline shortages in the southeastern United States

Blinken says

"West must be very careful about Chinese investment"

London - U.S. Secretary of State Antony Blinken said the West had to be very careful about the exact nature of Chinese investment in Western economies and think very carefully about investments in strategic assets. China's spectacular economic and military rise over the past 40 years is among the most significant geopolitical events of recent history, alongside the 1991 fall of the Soviet Union that ended the Cold War

As relations curdle

China suspends economic dialogue mechanism with Australia

Beijing - China "indefinitely" suspended on Thursday all activity under a China-Australia Strategic Economic Dialogue, its state economic planner said, the latest setback for their strained relations: "Some Australian Commonwealth Government officials launched a series of measures to disrupt the normal exchanges and cooperation between China and Australia out of Cold War mindset and ideological discrimination," China's NDRC said

U.N. report

North Korea developed nuclear, missile programs in 2020

New York - North Korea maintained and developed its nuclear and ballistic missile programs throughout 2020 in violation of international sanctions, helping fund them with some $300 million stolen through cyber hacks, according to a confidential United Nations report seen by Reuters on Monday. The report by independent sanctions monitors said Pyongyang "produced fissile material, maintained nuclear facilities and upgraded its ballistic missile infrastructure"

Munich Re says

Natural disasters cause $210 billion in damage in 2020

Frankfurt - Natural catastrophes around the world resulted in $210 billion in damage in 2020, with the United States especially hard hit by hurricanes and wildfires, a top insurer said. The damage, tallied by the German reinsurer Munich Re, increased from $166 billion in the previous year, and comes as a warming planet heightens risks

Diplomacy

Cargo from Dubai arrives in Haifa, cementing Israel-UAE trade route

Haifa - The ship-to-shore crane paused above the cargo ship just arrived from Dubai, then set its load down on the pier in Israel. One after another, eight containers filled with electronics, cleaning supplies, iron and firefighting equipment were unloaded off the "MSC Paris", one of the first cargo ships to make the voyage between the United Arab Emirates and Israel

IHS Markit

Carriers throwing capacity at booming trade lanes

London - Carriers since July have been rapidly reinstating high levels of capacity blanked in the second quarter as demand began to return rapidly, most notably on the trans-Pacific where US imports are setting records. The capacity management strategy that has kept freight rates at record levels is being tested by the rapid recovery in demand on the trans-Pacific and Asia-Europe trades

Diplomacy

UAE cancels Israel boycott, allows economic agreements

Tel Aviv - The president of the United Arab Emirates has issued a decree cancelling a law on boycotting Israel and allowing trade and financial agreements between the two countries. The decree from UAE President Khalifa bin Zayed Al Nahyan aims at "supporting bilateral cooperation in order to arrive at (the establishment) of bilateral relations"