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Saturday, June 21, 2025

Russia says ready to supply LNG to Mexico

 Russia is ready to supply liquefied natural gas (LNG) to Mexico and share energy sector technologies, the Russian embassy in Mexico said on Saturday on X.

"We are already working with Mexico. We have excellent LNG technologies, and we are ready to share these technologies and supply LNG as well," Russian Energy Minister Sergei Tsivilev said.

Russia is prepared to offer oil extraction technologies suited for challenging geological conditions, as well as solutions aimed at improving the efficiency of oil processing, the embassy added.

Mexico's state oil company Pemex said in May it was working to reopen closed wells to boost production, as it struggles to meet the government's output target of 1.8 million barrels per day.

Pemex has more than 30,000 wells across the country, about a third of which are shut. Internal documents reviewed by Reuters show the company is prioritizing wells with the potential to ramp up crude, gas or condensate output, though progress has been slow due to limited funding and aging infrastructure.

Mexico meets 72% of its total demand for natural gas through imports, almost entirely from the United States. The fuel is used mainly to generate electricity and for industrial activities, with the vast majority of natural gas imports carried by pipeline.

https://ca.finance.yahoo.com/news/russia-says-ready-supply-lng-210926252.html

'Europeans seek 'digital sovereignty' in NPOs as US tech firms embrace Trump'

 At a market stall in Berlin run by charity Topio, volunteers help people who want to purge their phones of the influence of U.S. tech firms. Since Donald Trump's inauguration, the queue for their services has grown.

Interest in European-based digital services has jumped in recent months, data from digital market intelligence company Similarweb shows. More people are looking for e-mail, messaging and even search providers outside the United States.

The first months of Trump's second presidency have shaken some Europeans' confidence in their long-time ally, after he signalled his country would step back from its role in Europe's security and then launched a trade war.

"It's about the concentration of power in U.S. firms," said Topio's founder Michael Wirths, as his colleague installed on a customer's phone a version of the Android operating system without hooks into the Google ecosystem.

Wirths said the type of people coming to the stall had changed: "Before, it was people who knew a lot about data privacy. Now it's people who are politically aware and feel exposed."

Tesla chief Elon Musk, who also owns social media company X, was a leading adviser to the U.S. president before the two fell out, while the bosses of Amazon, Meta and Google-owner Alphabet took prominent spots at Trump's inauguration in January.

Days before Trump took office, outgoing president Joe Biden had warned of an oligarchic "tech industrial complex" threatening democracy.

Berlin-based search engine Ecosia says it has benefited from some customers' desire to avoid U.S. counterparts like Microsoft's Bing or Google, which dominates web searches and is also the world's biggest email provider.

"The worse it gets, the better it is for us," founder Christian Kroll said of Ecosia, whose sales pitch is that it spends its profits on environmental projects.

Similarweb data shows the number of queries directed to Ecosia from the European Union has risen 27% year-on-year and the company says it has 1% of the German search engine market.

But its 122 million visits from the 27 EU countries in February were dwarfed by 10.3 billion visits to Google, whose parent Alphabet made revenues of about $100 billion from Europe, the Middle East and Africa in 2024 - nearly a third of its $350 billion global turnover.

Non-profit Ecosia earned 3.2 million euros ($3.65 million) in April, of which 770,000 euros was spent on planting 1.1 million trees.

Google declined to comment for this story. 

Reuters could not determine whether major U.S. tech companies have lost any market share to local rivals in Europe. 

DIGITAL SOVEREIGNTY

The search for alternative providers accompanies a debate in Europe about "digital sovereignty" - the idea that reliance on companies from an increasingly isolationist United States is a threat to Europe's economy and security.

"Ordinary people, the kind of people who would never have thought it was important they were using an American service are saying, 'hang on!'," said UK-based internet regulation expert Maria Farrell. "My hairdresser was asking me what she should switch to."

Use in Europe of Swiss-based ProtonMail rose 11.7% year-on-year to March compared to a year ago, according to Similarweb, while use of Alphabet's Gmail, which has some 70% of the global email market, slipped 1.9%.

ProtonMail, which offers both free and paid-for services, said it had seen an increase in users from Europe since Trump's re-election, though it declined to give a number.

"My household is definitely disengaging," said British software engineer Ken Tindell, citing weak U.S. data privacy protections as one factor.

Trump's vice president JD Vance shocked European leaders in February by accusing them - at a conference usually known for displays of transatlantic unity - of censoring free speech and failing to control immigration.

In May, Secretary of State Marco Rubio threatened visa bans for people who "censor" speech by Americans, including on social media, and suggested the policy could target foreign officials regulating U.S. tech companies.

U.S. social media companies like Facebook and Instagram parent Meta have said the European Union's Digital Services Act amounts to censorship of their platforms.

EU officials say the Act will make the online environment safer by compelling tech giants to tackle illegal content, including hate speech and child sexual abuse material.

Greg Nojeim, director of the Security and Surveillance Project at the Center for Democracy & Technology, said Europeans' concerns about the U.S. government accessing their data, whether stored on devices or in the cloud, were justified.

Not only does U.S. law permit the government to search devices of anyone entering the country, it can compel disclosure of data that Europeans outside the U.S. store or transmit through U.S. communications service providers, Nojeim said.

MISSION IMPOSSIBLE?

Germany's new government is itself making efforts to reduce exposure to U.S. tech, committing in its coalition agreement to make more use of open-source data formats and locally-based cloud infrastructure. 

    Regional governments have gone further - in conservative-run Schleswig-Holstein, on the Danish border, all IT used by the public administration must run on open-source software.

Berlin has also paid for Ukraine to access a satellite-internet network operated by France's Eutelsat instead of Musk's Starlink.

But with modern life driven by technology, "completely divorcing U.S. tech in a very fundamental way is, I would say, possibly not possible," said Bill Budington of U.S. digital rights nonprofit the Electronic Frontier Foundation.

Everything from push notifications to the content delivery networks powering many websites and how internet traffic is routed relies largely on U.S. companies and infrastructure, Budington noted.

Both Ecosia and French-based search engine Qwant depend in part on search results provided by Google and Microsoft's Bing, while Ecosia runs on cloud platforms, some hosted by the very same tech giants it promises an escape from. 

Nevertheless, a group on messaging board Reddit called BuyFromEU has 211,000 members.

"Just cancelled my Dropbox and will switch to Proton Drive," read one post.

Mastodon, a decentralised social media service developed by German programmer Eugen Rochko, enjoyed a rush of new users two years ago when Musk bought Twitter, later renamed X. But it remains a niche service.

Signal, a messaging app run by a U.S. nonprofit foundation, has also seen a surge in installations from Europe. Similarweb's data showed a 7% month-on-month increase in Signal usage in March, while use of Meta's WhatsApp was static.

Meta declined to comment for this story. Signal did not respond to an e-mailed request for comment.

But this kind of conscious self-organising is unlikely on its own to make a dent in Silicon Valley's European dominance, digital rights activist Robin Berjon told Reuters.

"The market is too captured," he said. "Regulation is needed as well."

https://www.msn.com/en-ca/money/topstories/europeans-seek-digital-sovereignty-as-us-tech-firms-embrace-trump/ar-AA1H9rrP

Chinese Biotech Showcases Challenger to Eli Lilly’s Obesity Drug

 


An obesity drug from China helped patients lose a lot of weight in a late-stage clinical trial, making it a prospective new challenger to blockbusters from Novo Nordisk A/S and Eli Lilly & Co.

Hangzhou Sciwind Biosciences Co. said its drug, ecnoglutide, led to more than 15% weight loss after 48 weeks when given at the highest dose. Although the trial did not compare ecnoglutide directly with existing medicines, the results were very similar to what Lilly’s Zepbound showed in previous China studies, Sciwind Chief Executive Officer Hai Pan said in an interview.

https://www.bloomberg.com/news/articles/2025-06-21/chinese-biotech-showcases-challenger-to-eli-lilly-s-obesity-drug

Fed Groupthink Is A Bureaucratic Disease

 by Larry Kudlow via RealClearPolitics.com,

The super big story is the Israel-Iran war, as we await President Trump’s decision on additional American assistance to Israel.

There’s another war, though.

As Breitbart’s John Carney put it, the Federal Reserve has gone to war against tariffs.

Unlike the Middle East, this is a phony war.

The Fed stubbornly refuses to lower its target rate, because it has decided that Mr. Trump’s tariffs will increase inflation.

So I ask, what exactly is your model of tariff inflation? Because so far, with a 10 percent baseline tariff in recent months, inflation rates have come down, not gone up.

Since January, the Consumer Price Index has eased down to only 1.4 percent annually, below the Fed’s 2 percent target.

So tariff inflation has been missing in action. Yet the Fed chairman, Jay Powell, does not refer to this.

Mr. Powell himself is not an economist. He’s essentially a bureaucrat being driven by several hundred economists on the Federal Reserve Board staff.

Again, though, we don’t know what their model is.

The whole Fed right now is guilty of groupthink.

And Mr. Trump has homed in on that problem by saying that the Fed board is complicit with the mistakes of Mr. Powell.

Groupthink is a bureaucratic disease.

All these Fed announcements have 12 to nothing votes.

So where are the Trump appointees? Where is the new vice chairwoman for supervision, Michelle Bowman? Where is the former Notre Dame economics professor, Christopher Waller?

Where is some diversity of thought and why aren’t these board members questioning Mr. Powell’s slippery and uninformed anecdotes of his new tariff war on inflation?

Fed policy is completely opaque and non-transparent.

We have no idea how they arrive at their conclusions.

So, here’s a thought: During Mr. Trump’s first term, he put on a number of tariffs. During the China trade talks, he implemented  a 25 percent tariff on China.  

Additionally, he put 25 percent tariffs on steel and aluminum, 30 percent tariffs on solar panels, and 20 percent on washing machines.

And yet the inflation rate during those years was basically 2 percent or even less. You can’t generate an economic model based simply on one variable.

The Trump tax cuts in the first term increased incentives on business investment and production, creating more goods on the supply-side, more productivity as well, and all of that helped keep inflation down while the economy was growing.

In fact, five-year productivity for nonfinancial companies is increasing at a 2.6 percent rate — which is spawning growth without inflation.

The Republican Congress is about to pass a tax cut bill that will include permanent immediate cash expensing for machinery, equipment, and factories.

That kind of long-lived capital deepening will spur much more growth without any inflation, according to a recent academic study published by the National Bureau of Economic Research.

Now, I ask, has the Fed included that in its economic models?

We don’t know. It’s not saying.

It’s just clinging to this idea that Trump tariffs, which are actually aimed at lowering trade barriers and leveling the trade playing field, and opening up market access for American companies — all of which could actually reduce inflationary pressures by spurring even more supply-side growth.

And of course, Mr. Trump’s ambitious deregulation policy, another counter-inflationary move.

Yet Mr. Powell never talks about any of these tax and regulatory reforms.

Instead at his press conference this week, he blathered on saying “increases in tariffs this year are likely to push up prices and weigh on economic activity” and then he adds that “everyone I know is forecasting a meaningful increase on prices from tariffs because someone has to pay.” Huh?

I know a bunch of people who think exporters will pay.

I know other people who think our companies will pay.

In fact I know a whole bunch of people who don’t think tariffs can be inflationary because the money supply has dropped to only 4 percent growth from 30 percent.

Or even if a consumer has to pay more for one item, they’ll pay less for another item, leaving the price index flat.

So, I go back to Mr. Powell and the whole Fed groupthink. Somebody should tell him that he’s in charge of monetary policy, not trade policy. He has no idea about future trade deals or for that matter tariff rates. 

And somebody should tell him to please explain to the American public what the heck he’s doing to their mortgage rates and their credit cards and their car loans.

https://www.zerohedge.com/economics/fed-groupthink-bureaucratic-disease

'China retort to Iran conflict more concern if West loses, v revenge for Tehran ally defeat': Heritage



China’s clout in the Middle East may not be as strong as Beijing thinks, as Iran’s terror-sanctioning regime – one of the CCP’s closer allies – faces its potential end, observers told Fox News Digital.


China does, however, remain a major factor in Iran’s energy market – which is otherwise sanctioned by the U.S. and much of the West, according to Steve Yates, a senior fellow in Asian Studies and security policy at the conservative Heritage Foundation.

"Iran has been a particular partner in the event that China has shielded Iran from sanctions imposed by the United States and its allies for decades, usually out of proliferation concerns and occasionally for other reasons," said Yates, who has advised top U.S. officials on national security matters.

"And China has always been a weak spot in the viability of sanctions because China would continue, sometimes openly and obviously, and other times quietly and clandestinely, to continue the energy market flowing for Iran."


Whether the existential threat to Iran’s regime has a major effect on the U.S.-China relationship remains to be seen, Yates said.

"I think in some ways it’s theater – but theater that matters, in that Beijing, Moscow and Tehran have tried to be somewhat [the] core of a new axis that was balancing against the United States and trying to peel the global South and other places out … of our orbit."

But China remains reliant on the U.S., particularly economically, so Western actions in the Middle East may give President Xi Jinping pause before jumping into the fray.


Gatestone Institute senior fellow Gordon Chang, a preeminent analyst on China and U.S.-China relations, said he doesn’t see a major offensive from Beijing in the cards if Iran falls – but does envision potential uncertainty if it doesn’t.

Brig. Gen. John Teichert (ret.) joins ‘Fox News Live’ to break down President Donald Trump’s two-week deadline for deciding how the U.S. will respond to escalating tensions with Iran.

"China has one military base in the region, in Djibouti, and it's not really that big. And it's surrounded by Western military bases, including one of ours. So, no, I don't think the Chinese have the military capability to exert power," Chang said. "They've got to get across the Indian Ocean, and we're just not going to let them."

He also said things move so fast diplomatically and otherwise in this realm of foreign policy that it can be tough to truly analyze the lay of the land on a certain day.

"This is sort of like the pre-World War I situation. "The reason why the assassination of a minor royalty figure [Archduke Franz Ferdinand] turned into conflict throughout Europe was because nobody knew how to manage a complex situation," Chang said.

"Nobody knew who was going to be on whose side. And the situation deteriorated. That's sort of like the situation we've got now, in effect. So it is a fluid situation."

Xi is also in trouble at home, Chang said, an issue that could trump any CCP concern over the ultimate fate of the Ayatollah. Chang said there is conjecture about whether Xi will be out of power in as little as a few months, remain as a figurehead or just continue as is.


"We can see that he has lost great influence and maybe even control over the Chinese military, which is the most powerful faction in the Communist Party. . . . Because of that, his risk calculus, is very different than what we think it is."

https://www.foxbusiness.com/politics/chinas-response-iran-conflict-more-concerning-west-loses-vs-retribution-defeating-its-tehran-ally

Container Ship Sinks In Arabian Sea Near Oman As Regional Conflict Worsens

 Oman's Maritime Security Centre (MSC)—a 24/7 national operations hub overseen by the Royal Navy of Oman and coordinated by the Ministry of Defense—reported early Saturday on X that a container ship had sunk in the Arabian Sea off the country's coast.

MSC reported that MV' Phoenix 15', a 118-meter container ship registered under the Comoros flag, "sank approximately 20 NM southeast of Salalah," adding, "All 20 crew members were rescued by the nearby commercial MV' Gulf Barakah."

Ship tracking website Marine Traffic showed the last position of Phoenix 15 was off the coast of Salalah, near Yemen, in the highly contested waters of the Arabian Sea. 

While MSC or any other officials in the region have not yet disclosed the cause of the Phoenix 15's sinking—whether due to mechanical failure, human error, or a possible attack—the incident raises suspicion given its timing, occurring as the Israel–Iran conflict enters its ninth day and heightening concerns over potential threats to regional shipping lanes, such as the critical maritime chokepoints across the region. 

https://www.zerohedge.com/geopolitical/container-ship-sinks-arabian-sea-near-oman-regional-conflict-worsens

https://www.zerohedge.com/political/obama-demands-ministry-truth