🇹🇷 Turkey's Erdogan announces discovery of independence-enabling oil reserve

Turkey's President, Recep Tayyip Erdogan, announced the discovery of an oil reserve with a production capacity of 100,000 barrels per day, located in the country's eastern region.

The discovery is expected to make Turkey an energy exporter and reduce its dependence on external sources. The petroleum is of high quality and was found at a depth of 2,600 meters. Erdogan stated that the oil would be extracted with 100 wells and meet one-tenth of Turkey's daily energy use.

The announcement was made during the opening ceremony of the Karapinar solar power plant.

#Turkey

@songofoil

Emotional vs Useful approaches to injustice

Interesting

🇦🇪🇪🇬 UAE's Aldar Properties to hold off further Egypt investments for now

Aldar Properties will hold off any further investments in Egypt until conditions there stabilise, a senior executive said, as the Abu Dhabi real estate developer reported a 22% jump in first quarter profit on Wednesday.

Aldar, along with Abu Dhabi fund ADQ, acquired about 85.5% of The Sixth of October for Development and Investment shares in 2021 for $198 million, which at the time was worth about $387 million.

"We are not putting any more money into the business until things stabilise further," Aldar's acting chief finance and sustainability officer said, adding the company remained positive on Egypt in the long term.

Aldar issued a bourse statement later on Wednesday to reaffirm its commitment to being a long term investor in Egypt.

#UAE #Egypt

@africaintel

The privatisation of the state monopoly on violence

🇺🇸 Private Security Guards Are Replacing Police Across America

🔷️ Boyer’s armed guard service has boomed over the last year as Philadelphia police staffing issues led to longer response times. Neil Patel, the owner of this Karco gas station, says he hired Boyer in December after thieves stole an ATM from his gas station and the police didn’t respond for six hours.

🔷️ Patel is not the only business owner shelling out money for private security as police departments across the U.S. lose staff. Already struggling to recruit new applicants in 2019, police departments saw a spike of retirements and a drop-off in new recruits after the 2020 murder of George Floyd and subsequent backlash against police, says Chuck Wexler, the executive director of the Police Executive Research Forum. In Philadelphia alone, police staffing levels dropped nearly 10% from the end of 2019 to the end of 2022, a recent government audit found. Nationally, the number of sworn officers dropped 7% between 2019 and 2021, according to FBI data.

🔷️ While police departments were losing officers, crime was rising in many parts of America. Murders, assaults, and car thefts rose nationally in 2020, according to the Brennan Center for Justice, and an increase in homelessness has heightened anxieties about safety. These factors bolstered the private security industry, which had already been growing steadily since the terrorist attacks of September 11 but has boomed since 2020. There are roughly twice as many security guards employed in the U.S. than there were 20 years ago, according to the Security Industry Association, though the nation’s population has only grown 16% over the same time period. By 2021, there were about 2 police officers but 3.1 security guards for every 1,000 civilians.

🔷️ “Private security is going to take over everything,” says Boyer, the Philadelphia armed guard. He adds that a father recently hired him to take his two children to the movies, armed with a shotgun, to make sure they were safe.

https://time.com/6275440/insecure-private-security-replacing-police/

🔹 CEO of A.P. Moller-Maersk A/S 🚢 which ships close to one-fifth of the world's containers, warns of a downturn. Chief executive Vincent Clerc said there's still a lot of uncertainty ahead as global business activity slows and companies race to reduce inventories at warehouses due to overstocking during the pandemic years. In return, demand for container ships has sunk on major shipping lanes from Asia to Europe and the US.

🔹 For Q1 2023, A.P. Moller-Maersk A/S reported a 56% plunge 📉 in EBITDA, amounting to $3.97 billion. The quarter saw a 9.4% reduction in volumes and a 37% drop in freight rates, which now hover near the break-even point.

🔹Cargo volumes at Canada's 🇨🇦 largest port 🏗 (Vancouver) fell by 3% last yea. In March, container volumes across the country dropped nearly 12% year-over-year. Container traffic has continued to drop off as Canadians tighten budgets amid higher interest rates and ongoing inflation.

🔹 Political tensions between the US 🇺🇸 and China 🇨🇳 are contributing to lower container shipments between the world’s two largest economies. Many companies in the US are looking to reduce down the amount of imports they have got coming from China.

💠 In Jan. 2023, we reported on this channel that the cost to send a container from Asia to the US on the demand-sensitive spot market had already tumbled 📉 more than 80% from its Sept. 2021 peak. Container shipping rates in January was sitting below the 10-year average.

The days of overconsumption of goods, brought on primarily by fiscal stimulus, are over, and is one of the main reasons global shipping lanes are slowing.

🇸🇦🛢📈Saudi Arabia raises oil prices for Europe by $1.1-1.8 per barrel - Reuters

"At the same time, fuel for Asia will fall in price by $ 0.35 per barrel," the publication reports.

@DDgeopolitics

JUST IN - German factory orders slump 10.7% month-on-month in March — one of the largest declines in history.

This is the latest sign that Europe's largest economy is facing a steep downturn under the center-left green-liberal government.

@disclosetv

Riyadh ‘Peace Declaration’ seen as game-changer for stability in Sudan | Arab News
https://www.arabnews.com/node/1719091/saudi-arabia

This, to demonstrate KSA's role in Sudan. And now this:

https://www.reuters.com/world/africa/sudans-warring-parties-meet-talks-saudi-arabia-2023-05-06/

NEW 🚨 Ukraine leader Zelensky meets BlackRock management

Follow @insiderpaper

Shahid Bolsen on global Muslim ascendancy

Sudan Update

🇸🇾 Syria returns to Arab League -Al Mayadeen

♦️Iraqi Foreign Ministry Spokesperson Ahmad Al-Sahhaf announces Syria has been offically granted a return to the Arab League

🚩 @ResistanceTrench

The West is disappearing women as a biological category

🇲🇦🇧🇷 Morocco and Brazil ratified military agreement

Morocco and Brazil have ratified a military agreement that provides for the transfer of technology and military achievements, the creation of joint military projects and joint exercises.

Morocco and Brazil signed the cooperation agreement in June 2019 to cooperate in defense-related sectors, including military training, joint military exercises, and the exchange of defense information.

The agreement will also allow the two countries to engage in theoretical and practical sessions, cultural and sporting events, as well as humanitarian assistance and military training.

#Morocco #Brazil

@africaintel

Qatar arrests 8 Indians accused of spying for Israel  – Middle East Monitor
https://www.middleeastmonitor.com/20230501-qatar-arrests-8-indians-accused-of-spying-for-israel/