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Saturday, June 15, 2024

Philippines files UN claim to extended continental shelf in South China Sea

 Philippines filed a claim with the U.N. on Saturday to an extended continental shelf (ECS) in the South China Sea, a waterway where it has had increasingly confrontational maritime disputes with China.

"Today we secure our future by making a manifestation of our exclusive right to explore and exploit natural resources in our ECS entitlement," Marshall Louis Alferez, foreign ministry assistant secretary for maritime and ocean affairs, said in a statement.

China claims almost the entire South China Sea, including parts claimed by the Philippines, Brunei, Malaysia, Taiwan and Vietnam. Portions of the strategic waterway, where $3 trillion worth of trade passes annually, are believed to be rich in oil and natural gas deposits, as well as fish stocks.

The Permanent Court of Arbitration in 2016 found China's sweeping claims have no legal basis, a ruling Beijing rejects.

China's embassy in Manila did not immediately respond to a request for comment on Saturday's U.N. filing.

In its confrontations with Philippine government and fishing vessels, China's coastguard has stepped up the use of water cannon, collision and ramming tactics and, according to Manila, use of a military-grade laser. An armada of Chinese fishing boats is considered by the Philippines and its allies to be a sea militia.

The Philippines sought to register its entitlement to an extended continental shelf in the West Palawan Region facing the South China Sea.

The submission, cleared by President Ferdinand Marcos Jr, follows a comprehensive technical and scientific study of continental shelf in the West Philippine Sea, the foreign ministry said, referring to a part of South China Sea within its 200-nautical-mile exclusive economic zone.

The Philippines said it was using an entitlement under the U.N. Convention on the Law of the Sea to establish the outer limits of its continental shelf, comprising the seabed and subsoil of the submarine areas up to 350 nautical miles.

The U.N. in 2012 confirmed Benham Rise, which is off the Philippines' east coast and not under dispute with China, as part of the Philippines' extended continental shelf.

https://www.marketscreener.com/news/latest/Philippines-files-UN-claim-to-extended-continental-shelf-in-South-China-Sea-46980877/

Trump to visit Detroit church as part of Black voter push

 Republican presidential candidate Donald Trump will venture to Detroit on Saturday to attend a roundtable discussion at a Black church, the latest in an effort to peel away Black voters from President Joe Biden ahead of November's election.

Trump's planned visit to a church nestled in the heart of Detroit's west side has received fierce pushback from local Democrats and the Biden campaign who argued Trump did little as president to improve Black communities nationwide.

Trump has denigrated Detroit in the past as "corrupt," but both he and Biden have identified Michigan as a must-win state, and the vote there is expected to be as close or closer than it was four years ago.

Detroit, one of the nation's largest Black-majority cities, will be pivotal in Michigan's electoral outcome. While parts of the city have seen an economic resurgence, many neighborhoods continue to struggle with structural inequities and historic disinvestment. Experts say inflation and pocketbook issues are top of mind for voters.

Trump held a rally in a South Bronx neighborhood in New York last month, making a direct appeal to Black - as well as Hispanic - voters over cost-of-living and immigration issues.

The Trump campaign has long argued an opportunity exists with those voters, particularly men, who may be struggling economically. At his Bronx rally, Trump without evidence, argued that illegal migration disproportionately harms voters of color.

When Trump's campaign reached out to Lorenzo Sewell, the pastor of 180 Church where the roundtable will he held, he first thought he was being pranked.

"I was thinking 'Am I being punked?'" Sewell told Reuters.

But Sewell said he welcomed the opportunity. "That began to move my heart because people that are disenfranchised, pushed aside, and marginalized typically don't have a voice at the table," he said.

Levend Montgomery, a church elder who voted for Trump in 2020, said he related to the former president and his legal troubles, citing his encounter with the law in his early teens.

"There's no perfect candidate. There's no perfect party, but I resonate more with President Trump and what he's trying to do for this country at this particular time in history," Montgomery said. 

Trump was convicted in New York last month on 34 felony counts of participating in a scheme to cover up his payment during the 2016 election to a porn star with whom he had an alleged affair. He also faces separate charges for interfering with the 2020 election and allegedly mishandling classified documents.

Trump was criticized in February when he asserted Black voters were more drawn to him after his multiple indictments on criminal charges. Trump's complaints about victimization by prosecutors and courts land badly with many Black voters who say African Americans are those who suffer most from unfairness in the criminal justice system.

Sewell plans to discuss education, jobs, housing and transportation with Trump, and said his decision to host the event was not an endorsement.

"This isn't about being for or against Trump or Biden," he said. "It's about being for our community and ensuring that our voices are heard."

While some Black voters have expressed support for Trump, his efforts to galvanize them have been met with resistance.

Trump has made a series of inflammatory and racist statements throughout the years that have drawn heavy criticism. After the 2020 election, Trump called Detroit and Philadelphia "two of the most corrupt political places" in the country.

Last year, Trump urged supporters to "guard the vote" in cities including Detroit, Philadelphia and Atlanta -- all Democratic strongholds with large Black populations.

Bishop Charles E. Ellis III, the pastor of Greater Grace Temple on Detroit's west side and a prominent community leader, said Trump's visit was "hypocritical."

Ellis was present at a vote-counting center downtown in the hours after election day in November 2020 when Trump's supporters attempted to halt the count, banging on doors and windows.

"You want to come and court my vote after you sent a mob after my vote?" Ellis said.

SLIPPING AWAY?

Black Americans have been credited with helping Biden secure the White House in 2020. Yet, recent polls have suggested some slippage of support among Black voters, who historically have been viewed as the Democratic Party's most loyal voting bloc.

Trump's Detroit visit is unlikely to lead to a notable shift in Black support, experts told Reuters. But the visit may appeal to centrist Republicans and independent voters, who'd like to see him build a broader coalition beyond his loyalists. 

Among Black registered voters, Biden led Trump 57% to 12% in a Reuters/Ipsos poll in May, with 16% saying they aren't sure who they will vote for, 8% saying some other candidate and 7% saying they won't vote at all.

"The fact that he's devoting resources to African Americans, the one constituency that is the least likely to vote for him, suggests that this is more about show than anything else," said University of Michigan political science professor Vincent Hutchings.

The Trump campaign, however, argues it can win over some share of the Black vote over quality-of-life issues.

"President Trump's outreach to minority voters is straightforward: he shows up, listens, and makes it clear that we'll be better off with him as president, just like we were four years ago," said Janiyah Thomas, the campaign's Black media director.

The Biden campaign has been ramping up efforts in Michigan, where Biden defeated Trump by 2.7 percentage points in 2020.

Biden spoke at a NAACP dinner in Detroit last month, while Vice President Kamala Harris visited the state earlier this week.

"Donald Trump has spent his life and political career disrespecting Black Americans every chance he gets," Biden campaign spokesperson Sarafina Chitika said. "President Biden is on the campaign trail showing up - consistently - to earn, and not ask for, Black Americans' support. That is what leadership looks like."

https://www.marketscreener.com/news/latest/Trump-to-visit-Detroit-church-as-part-of-Black-voter-push-46980884/

US VP announces $1.5 billion for aid for Ukraine at peace summit in Switzerland

  U.S. Vice President Kamala Harris announced more than $1.5 billion in aid in part for Ukraine's energy sector and its humanitarian situation as a result of Russia's 27-month invasion of Ukraine.

The announcement was made as Harris attended a Ukraine peace summit in Lucerne, Switzerland, where she was to meet Ukraine President Volodymyr Zelenskiy and address the summit's plenary session.

The $1.5 billion includes $500 million in new funding for energy assistance and the redirecting of $324 million in previously announced funds toward emergency energy infrastructure repair and other needs in Ukraine, the vice president's office said.

"These efforts will help Ukraine respond to Russia's latest attacks on Ukraine energy infrastructure by supporting repair and recovery, improving Ukraine's resilience to energy supply disruptions, and laying the groundwork to repair and expand Ukraine's energy system," Harris' office said.

She also announced more than $379 million in humanitarian assistance from the State Department and the U.S. Agency for International Development to help refugees and other people impacted by the war.

The money is to cover food assistance, health services, shelter, and water, sanitation and hygiene services for millions of Ukrainians.

Harris, who will spend less than 24 hours at the gathering in Lucerne, Switzerland, will be standing in for President Joe Biden at the event. The president will be just ending his participation at the G7 summit in Italy and returning to the United States to attend a fundraiser for his reelection campaign in Los Angeles.

Harris will meet with Zelenskiy and address the summit's plenary session. Biden met with Zelenskiy both at the G7 summit, where they signed a U.S.-Ukraine bilateral security agreement, and in France for events surrounding the 80th anniversary of the World War Two D-Day invasion.

White House national security adviser Jake Sullivan will represent the United States at the summit on Sunday and help establish working groups on returning Ukrainian children from Russia and on energy security.

https://www.marketscreener.com/news/latest/US-VP-announces-1-5-billion-for-aid-for-Ukraine-at-peace-summit-in-Switzerland-46980863/

J&J nipocalimab significantly improves Sjögren's disease activity in Phase 2

 Patients who received nipocalimab 15 mg/kg demonstrated a greater than 70 percent relative average improvement on the primary endpoint compared to patients who received placebo

Sjögren's disease is a chronic, debilitating, and prevalent autoantibody disease with no approved advanced treatments

https://www.prnewswire.com/news-releases/late-breaking-results-show-nipocalimab-significantly-improves-sjogrens-disease-activity-in-a-phase-2-study-302173503.html

Friday, June 14, 2024

Mondelez Says Oreo Cookie Prices Won't Be Hiked Despite Cocoa Chaos In West Africa

 Junk food maker Mondelez International remains optimistic that cocoa prices will drop at some point next year despite a global shortage sparked by adverse weather conditions in West Africa. This week, futures contracts in New York topped $10k/ton again. And the company reassured investors that it won't raise prices on its chocolate-based products to protect its sales volume. 

"My most probable scenario into next year is that costs will come down," Chief Financial Officer Luca Zaramella said during the 4th Annual Evercore ISI Consumer & Retail Conference held virtually this week. 

Zaramella, who was first quoted by Bloomberg, revealed that Mondelez, the maker of Oreo cookies and Toblerone bars, is well-prepared to purchase cocoa at lower prices. He also acknowledged the possibility of a temporary gap between high cocoa costs and affordable chocolate prices.

"The name of the game for us is — particularly in a context where we believe chocolate costs will come down — to go through a potential temporary dislocation and protect volume and share as much as possible," he added.

The comments come as cocoa prices in New York surged above $10k/ton this week on the news the world's top producers, Ivory Coast and Ghana, are experiencing worsening shortages of the bean.  

Here's our latest reports: 

With prices above $10k/ton this week, commodity trader Pierre Andurand, who turned cocoa bull in March, is still bullish on his $20k/ton price target for later this year or next on the thesis of a continued slide in the inventory-to-grinding ratio.

So, will Zaramella's forecast of slumping cocoa prices next year be correct? Or will the junk food maker cave and eventually raise prices for consumers? 

https://www.zerohedge.com/commodities/mondelez-says-oreo-cookie-prices-wont-be-hiked-despite-cocoa-chaos-west-africa

'US Worried Israel Is Rushing Into War With Hezbollah With No Clear Strategy'

by Dave DeCamp via AntiWar.com,

The Biden administration is concerned that the violence on the Israel-Lebanon border could soon escalate into a full-blown war and that Israel is rushing into the conflict without a clear strategyAxios reported this week.

US officials told Axios that the administration has cautioned Israel against the idea of a “limited war,” warning that Iran could intervene and militants in Iraq and Syria could join the fighting.

Image: Israel Defense Forces

The report said the White House believes a ceasefire in Gaza is the only thing that could reduce tensions on the Israel-Lebanon border. However, Israeli officials have previously threatened to escalate in Lebanon if a truce is reached in Gaza.

The report comes after Israeli airstrikes killed a Hezbollah commander who was described as the most senior member of Hezbollah to be killed by Israel since October 2023.

Hezbollah responded with a large volley of rockets. On Thursday, Israeli soldiers were spotted launching large fireballs into southern Lebanon to start fires.

According to a tally from AFP, Israeli bombings in southern Lebanon have killed at least 468 people in southern Lebanon since October, including 89 civilians. On the Israeli side, Israeli authorities have said 15 soldiers and 11 civilians have been killed by Hezbollah.

The US is calling for de-escalation on the border after the latest round of strikes, but there’s no sign diplomatic efforts are making any progress.

There’s also no sign that the US is putting any real pressure on Israel to change what it’s doing in the north since US military aid continues to flow.

Hezbollah publishes footage of fresh attacks on settlements of Kiryat Shmona, Kafr Sold, & Margaliot in northern Israel:

Back in January, The Washington Post reported that Israeli Prime Minister Benjamin Netanyahu might view a war in Lebanon as key to his political survival. President Biden said recently that people have “every reason” to believe that Netanyahu is dragging out the onslaught in Gaza for his own political self-preservation.

https://www.zerohedge.com/geopolitical/us-worried-israel-rushing-war-hezbollah-no-clear-strategy

Oil Spill Cleanup Underway in Singapore After Ship Collision

 

  • Netherlands-flagged dredger collided with a stationary vessel
  • Oil from bunker vessel’s cargo tank leaked into sea on Friday

Singapore’s port authorities are dealing with an oil spill that occurred after one vessel collided with another at the Pasir Panjang Terminal on Friday.

The incident took place between Netherlands-flagged dredger Vox Maxima and Singapore-flagged bunker vessel Marine Honour, according to a statement from the Maritime and Port Authority of Singapore late Friday. The latter was berthed at the terminal at the time.

https://www.bloomberg.com/news/articles/2024-06-15/oil-spill-cleanup-underway-in-singapore-after-ship-collision