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Uganda, Tanzania Sign Oil Pipeline Deal

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The East African Crude Oil Pipeline (EACOP) deal has finally been signed by the stakeholders that include Uganda, Tanzania, Total E&P and CNOOC.
The signing of the multi billion dollar deal took place at the launch of the Tilenga Development Project at State House Entebbe this Sunday afternoon.

The signing will pave way for the construction of EACOP at a cost 3.5 billion dollars.
The Tripartite deal which was supposed to be signed in March, was postponed following the demise of the then Tanzanian President, John Pombe Magufuli.
Total E&P Uganda Limited is the majority shareholder in the deal with 72% followed by Uganda with 15%, CNOOC comes third with 8% while the Tanzanian Government holds 5%.
All the above are going to have the involvement in the construction of the EACOP.
The 1,445km heated EACOP which is the longest in the world will begin from Hoima District in Uganda up to the port of Tanga in Tanzania.
The deal will see over 3 billon barrels of oil flowing out of the ground.
The East African Crude Oil Pipeline is a crude oil export infrastructure which will transport Uganda’s crude oil from Kabaale, Hoima in Uganda to the Chongoleani peninsula near Tanga port in Tanzania for export to the international market.
The Minister of Energy and Mineral Development, Mary Gorreti Kituutu announced that negotiations to sign the deal are concluded, and promised to table EACOP Bill before Parliament.
“The negotiations are now concluded, and on the Ugandan side, we are ready to sign the Host Government Agreement, the Tariff and Transportation Agreement and the shareholding Agreement for the EACOP,” she said.
Hon Kituutu added that she will be tabling a Bill, the East African Crude Oil Pipeline Bill before Parliament for Republic of Uganda.
She called on her counterpart in Tanzania to expedite the process and table the similar Bill to harmonize the processes.
Development 

Tanzanian President Suluhu Hassan said the signing of this agreement is an auspicious occasion, not just for Uganda, Tanzania, but the entire East Africa region.

“As we are all aware, this project will have an impact on social, economic development, and geostrategic dynamics, among other benefits,” she added.

On his part, Museveni said, “We can use the same pipeline corridor to have a return gas pipeline to supply Tanzania and Mozambique gas to Uganda. Our brother countries have a lot of gas that we can use here in Uganda.”

The post Uganda, Tanzania Sign Oil Pipeline Deal first appeared on ChimpReports.

Source – chimpreports.com

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Cathie Wood’s ETF assets fall below $40bn, but loyal fans hang on | Financial Markets News

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The founder of Ark Investment Management LLC now controls $39.7bn in her US exchange traded funds, down from more than $60bn at a peak in February, according to data compiled by Bloomberg.

With tech’s recent pummeling, the cash Cathie Wood is managing in her ETF lineup has just dropped below $40 billion — but her loyal fan base is largely hanging on for the ride.

The founder of Ark Investment Management LLC now controls $39.7 billion in her U.S. exchange-traded funds, down from more than $60 billion at a peak in February, according to data compiled by Bloomberg. The firm is now the 11th largest issuer in the U.S., compared with seventh place earlier this year.

A huge portion of the loss is due to the value of her holdings dropping sharply, as speculative tech names with soaring valuations and massive runs come back down to earth. Her flagship ARK Innovation ETF (ARKK) has fallen about 35% from its high. Still, the mass exodus some had anticipated during a period of underperformance hasn’t yet materialized, with traders pulling just $76 million from the fund in April and $301 million so far in May, compared to the $7.1 billion added in the first three months of the year.

“It appears that investors still believe in Cathie Wood’s philosophy and think possibly the pullback is short term,” said Mohit Bajaj, director of ETFs for WallachBeth Capital.

In fact, the firm’s ETFs have still taken in a net $15.3 billion so far in 2021. The eight-product lineup — six actively managed funds and two tracking indexes — has roughly only lost a net $800 million since the end of February.

While retail activity has declined in the broad market, it seems day traders are ready to stick with Ark. About $1.1 billion of the $28 billion added to the family of funds since November can be attributed to retail investors, according to a report from Vanda Research.

“In periods when Ark ETFs have seen large redemptions, retail investors have actually bought the dip, further highlighting the institutional-retail divide,” wrote analysts Ben Onatibia and Giacomo Pierantoni.

Throughout the downturn, Wood has said repeatedly that her strategies haven’t changed and that she invests with a five-year time horizon. She even added to her stakes in Twitter Inc., Roku Inc., Skillz Inc. and Peloton Interactive Inc. last week.

Some are now questioning just how long the funds’ drop will last, especially as dip buyers step in. ARKK rose in early trading before falling 3.3% as of 1 p.m. in New York.

Open interest in bullish call options on ARKK is at an all-time high, and even similarly elevated activity in bearish put contracts has historically come before a bounce, Chris Murphy at Susquehanna International Group wrote in a note.

“It has become oversold on a technical basis,” said Matt Maley, chief market strategist at Miller Tabak & Co. “The weak hands have already sold, so we’re now in the ‘wait and see’ mode. If Ark funds can bounce strongly, the all clear flag will be raised.”



Source – www.aljazeera.com

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US stocks bounce back from three-day losing streak | Financial Markets News

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All three major US stock indexes notched solid gains, with the Nasdaq, weighed by Tesla Inc, picking up the rear.

Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labour market data.

All three major United States stock indexes notched solid gains, with the Nasdaq, weighed by Tesla Inc, picking up the rear. Meanwhile, cyclical shares enjoyed the biggest gains.

The Dow Jones Industrial Average rose 433.79 points, or 1.29 percent, to 34,021.45; the S&P 500 gained 49.46 points, or 1.22 percent, to 4,112.5; and the Nasdaq Composite Index added 93.31 points, or 0.72 percent, to close at 13,124.99.

Recent economic data has prompted inflation fears as scarcity of both materials and workers threatens to send prices surging in the face of a demand boom.

“If this is a footrace, supply chains are still tying their shoes,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York City. “But they will catch up with demand fairly quickly.”

But on Thursday, investors appeared to be focusing on the glass-half-full side of the demand/supply equation.

This was evidenced by the outperformance of small caps, chips and transports, economically sensitive stocks that stand to gain as the US emerges from the coronavirus pandemic recession.

“Sectors and stocks that were hurt most significantly by yesterday’s selloff rebounded strongly today given that economic growth is expected to remain strong throughout the year and any inflation is likely to be temporary,” Carter added.

New applications for unemployment insurance continue to fall, according to jobless claims data from the US Department of Labor (DOL) that hit a 14-month low.

DOL data also showed producer prices swelled last month, building on the inflation surge narrative of Wednesday’s consumer prices report.

“The inflation boogeyman is back right on cue,” Carter said. “And will continue to spook markets for the coming months.”

But rising prices were widely anticipated, and the US Federal Reserve has provided repeated assurances that it does not foresee those spikes morphing into sustained, long-term inflation.

Energy stocks lost ground, weighed by a drop in crude prices.

Dating app owner Bumble Inc tumbled below its initial public offering price, as investors remained cautious about how quickly users will return to in-person meetings.

Shares of Walt Disney Co oscillated throughout the session ahead of the company’s quarterly results, expected after the closing bell.

Boeing Co advanced after gaining approval from US regulators for a fix of an electrical grounding issue.

Tesla continued its slide after boss Elon Musk doubled down on his sudden rejection of cryptocurrency Bitcoin.



Source – www.aljazeera.com

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Palestinians in Gaza mourn loved ones killed in Israeli air raids | Conflict News

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Gaza City – When Mohammad Saad heard that an Israeli air strike had killed his cousin Reema Saad, he says the news hit the family “like a lightning bolt”.

Reema, 31, her husband Mohammed Telbani, 29, and their two children were in their apartment in Gaza City’s Tel al-Hawa neighbourhood in the early hours of Wednesday when an air strike hit the residential building, destroying their apartment.

Reema, who was four months pregnant, and five-year-old Zeid died immediately, and Mohammed later died in the intensive care unit, but the body of their daughter, three-year-old Maryam, has yet to be recovered from the site of the attack. Saad said the family did not receive any warning before the air raid.

“I’m communicating with the fire department and civil defence crews in Gaza to help us find Maryam and have her rest and be buried near her mother, who would have wanted that,” Saad said.

The day before the air attack had been a joyous one, with Reem visiting her family to congratulate her brother on his engagement. “The next day, she went home and was targeted,” Saad said.

The family is hiding the news of the killings from Mohammed Telbani’s mother, out of fear she may suffer from a heart attack.

A man looks at the remains of a destroyed building after being hit by Israeli air strikes in Gaza City [Adel Hana/AP]

Death toll rises

Since Israel launched air raids on the besieged Gaza Strip late on Monday, Gaza’s health ministry says at least 103 people, including 27 children, have been killed, and 580 others have been wounded.

At least seven Israelis including a child have been killed in rocket attacks launched by armed groups in Gaza, which is ruled by the Palestinian group, Hamas.

The latest escalation in violence followed weeks of tensions in occupied East Jerusalem over a now-postponed court hearing relating to the forced expulsion of several Palestinian families from their homes in the Sheikh Jarrah neighbourhood.

Frictions in the city also spread to the Al-Aqsa Mosque compound, which Israeli forces raided on three consecutive days during the final week of Ramadan, firing tear gas and stun grenades at worshippers inside the mosque.

Hamas on Monday issued an ultimatum demanding Israel withdraw its forces from the compound, the third holiest site in Islam which is also revered by Jews.

Shortly after the deadline expired, Hamas launched several rockets towards Jerusalem, with Israel launching air strikes soon afterwards.

Israel’s military says about 1,600 rockets have been fired from Gaza towards various locations in Israel since Monday.

Its spokesman Jonathan Conricus told reporters on Thursday that attacks on Gaza will continue as Israel prepares for “multiple scenarios”.

“We have ground units that are prepared and are in various stages of preparing ground operations,” he said. The Israeli defence minister, Benny Gantz, approved the mobilisation of 9,000 more reservist troops.

Sombre Eid

Thursday was the first day of Eid al-Fitr, a religious holiday for Muslims marking the end of the holy month of Ramadan. But instead of joyous celebrations and gatherings for families and friends, funerals were held as Hamas sent more rockets into Israel and Israeli fighter jets continued to hit the besieged enclave, including in Rafah, near the border with Egypt.

Smoke billows from an explosion following an Israeli air strike in Rafah in the southern Gaza Strip [Said Khatib/AFP]

In Gaza City, the mourners carried the dead from Al-Omari Mosque on Thursday morning to the graveyard in the far east of the city. Throughout the procession, the sound of bombarding air strikes and rockets firing were heard almost constantly.

Due to the air raids, condolences for those killed were shared only by phone.

‘I hope they didn’t feel anything’

Some Palestinians have been sharing the news of their killed family members on social media, noting their status as civilians.

Bayan AbuSultan, 25, said her cousin Miami Arafa, 27, and her 50-year-old aunt, Hadeel, a mother of four, were killed while preparing for Eid in their house in the Amal neighbourhood of Khan Younis, when an Israeli air strike hit their home at about 3pm on Wednesday.

There was no prior warning of an imminent strike as Hadeel’s brother was on a call with her a few minutes before the bombing. AbuSultan said that she and Miami had been planning to go shopping together after Ramadan as she was supposed to get married a few days after Eid al-Fitr.

The last that she had heard from her cousin was when she shared her Facebook status, praying for those killed.

“Little did she know that soon after we’ll be wishing her exactly the same,” AbuSultan said. “I shiver every time I think of how terrified they were. I hope they didn’t feel anything.”

The Israeli air strikes have hit police headquarters and government buildings, three high-rise buildings, an ice cream factory in the east of Gaza and the Al-Salah school in Deir Al-Balah in the central Gaza Strip.

On Wednesday, Israeli air raids destroyed the al-Shorouq tower, which housed media organisations. Its ruins covered the streets of Remal, the busiest shopping street in Gaza City.

The Israeli military has said it only targets multi-storey buildings which are “military targets”. Other buildings it has struck are “strategically significant” sites belonging to Hamas, it said.

Rights group denounces ‘collective punishment’

In a statement published on Tuesday, the Euro-Mediterranean Human Rights Monitor (EMHRM) said that Israel’s “widespread bombardment, including civilian objects without respecting the principle of proportionality … is utterly appalling”.

Israeli forces have “expanded their response to include targeting dozens of civilian objects, women and children and bombing densely populated gatherings, which according to the Rome Statute, is a war crime,” it said, adding that its targeting of civilian objects exceeds military necessities.

In one of the air strikes, Israeli forces killed Amira Abdel Fattah Subuh, 58, and her son Abd al-Rahman Yusef Subuh, 19, a disabled young man who suffers from cerebral palsy, the group said.

While the Israeli army announced later that it targeted the home of a battalion commander, field investigations confirm that no one was in the targeted flat during the bombing, according to EMHRM.

“This incident is an example of  Israel’s bombing policy that does not consider the principle of proportionality. Israel targets civilian objects deliberately to inflict damage upon victims and leave them with material losses as a form of revenge and collective punishment, prohibited by the rules of international humanitarian law.”





Source – www.aljazeera.com

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