AFP

Sony launches PC gaming gear, expanding beyond PlayStation

Japan’s Sony is launching a new brand that will offer PC gaming gear, the company announced Wednesday, as it tries to compete for a share of the lucrative gaming peripherals market.

Sony is looking to expand beyond its flagship PlayStation console and boost revenue from other sectors, including PC and mobile gaming.

The gaming peripherals market of items used by players was valued at $3.88 billion globally in 2019 according to Grand View Research.

Sony’s first offerings from its new Inzone brand will be three wireless headsets and two monitors, the priciest of which will retail for a suggested $899.99 in the United States.

“The market has been expanding with a higher interest in gaming with the spread of esports tournaments and the advancement of gaming entertainment,” said Yukihiro Kitajima, head of Sony’s game business and marketing office, in a statement.

Sony is “very late” to the “hopelessly crowded” sector, said Serkan Toto, CEO of game industry consultancy Kantan Games.

Rival Microsoft is already well-positioned, along with competitors like Razer, though Sony will bring unique hardware features, he told AFP.

The firm’s decision to enter the market now is linked to its “aggressive plan to boost sales from PC and mobile for its PlayStation unit to around 50 percent by fiscal 2025,” Toto said.

It “apparently believes that the goal is easier to achieve by leveraging its position in hardware to raise awareness among PC gamers.”

EU insurance ban targets Russian oil exports

An EU ban on insuring ships transporting Russian oil could potentially hurt Moscow more than its embargo on the nation’s crude, analysts say.

The European Union recently unveiled the insurance ban in a sixth set of economic sanctions aimed at punishing Russia over its invasion of Ukraine.

In a further knock, G7 leaders are seeking a price cap for Russian oil to further hurt Kremlin revenues.

The EU insurance and reinsurance ban, covering all maritime transportation of Russian oil, comes as Moscow seeks to ramp up sales to China and India to help offset the embargo.

– ‘Further reaching than embargo’ –

The insurance ban “would have further-reaching consequences for the oil market than the EU oil embargo”, noted Commerzbank analyst Carsten Fritsch.

Companies will no longer be permitted to transport oil from Russia by sea, or to insure such shipments. 

EU insurers have until the end of this year to implement the ban, while those in Britain are expected to follow suit.

“There is going to be an impact and there is going to be a pricing impact,” said Marcus Baker, international head of marine at US broker Marsh.

A similar ban was used in 2012 when the EU prohibited European insurers and reinsurers from covering vessels carrying Iranian oil.

The bloc had also slapped an embargo on the purchase of Iranian crude as part of sanctions against Tehran’s controversial nuclear programme.

Commercial ship operators require insurance for the vessel, its cargo and for protection and indemnity (P&I) covering events such as war and environmental damage.

Mathieu Berrurier, managing director of marine insurance broker Eyssautier-Verlingue, told AFP that vast amounts of cash were required for potential payouts caused by such disasters.

This results in insurers forming P&I clubs that “are able to offer guarantees equal to the risks involved in” events including “a major oil spill or “collision with an oceanliner”, said Berrurier.

“Colossal amounts are needed,” he stressed, adding that such disasters can potentially cost “billions of dollars”.

Russia’s former president Dmitry Medvedev, who is deputy head of the country’s security council, has hinted that Moscow could get around the ban by providing state guarantees to cover oil exports.

That could allow Russia to self-insure and circumvent EU sanctions, he insisted.

“That is true to an extent,” said analyst Livia Gallarati at consultancy Energy Aspects.

But with as much as 95 percent of the P&I insurance market handled by EU and UK-based insurers, according to experts, it will be difficult for Russia to completely get around the ban.

“The market is so heavily entwined in Europe (that it) is going to be almost impossible” to escape the impact of the ban, an oil shipping executive told AFP on condition of anonymity.

“There is not a very mature and deep alternative insurance market out there,” the executive noted.

– India ‘helping Russia’ –

It emerged late last week that India has reportedly stepped in to offer certification services for some tankers carrying Russian crude.

That threw the spotlight on this week’s G7 summit, which focused on more co-ordinated financial action against Russia.

“India is helping Russia to continue selling its oil despite the West’s sanctions,” said Commerzbank analyst Fritsch.

He added that India has provided safety certification for more than 80 ships belonging to a Dubai-based subsidiary of the state Russian shipping company Sovcomflot.

G7 leaders, meeting in Germany on Monday and Tuesday, condemned Russia’s Ukraine invasion as “illegal and unjustifiable”.

“We reemphasise our condemnation of Russia’s illegal and unjustifiable war of aggression against Ukraine,” they said in their draft final statement.

The communique was issued after the G7 held talks with Indian Prime Minister Narendra Modi, as well as the leaders of Argentina, Indonesia, Senegal, South Africa and Ukraine.

Philippines' Ressa says 'business as usual' despite news outlet's shutdown order

Philippine Nobel Peace Prize winner Maria Ressa’s news company Rappler was ordered Wednesday to shut down, a day before President Rodrigo Duterte is due to leave office, but she vowed to keep the site running.

Ressa has been a vocal critic of Duterte and the deadly drug war he launched in 2016, triggering what media advocates say is a grinding series of criminal charges, probes and online attacks against her and Rappler.

The latest blow was delivered by the Philippine Securities and Exchange Commission. 

In a statement Wednesday, it confirmed the “revocation of the certificates of incorporation” of Rappler for violating “constitutional and statutory restrictions on foreign ownership in mass media”.

Rappler said the decision “effectively confirmed the shutdown” of the company and vowed to appeal, describing the proceedings as “highly irregular”.

But Ressa was characteristically defiant, vowing the news site would continue to operate as they followed the legal process.

“We continue to work, it is business as usual,” Ressa told reporters, adding “we can only hope for the best” under Duterte’s successor Ferdinand Marcos Jr.

Rappler has had to fight for survival as Duterte’s government accused it of violating a constitutional ban on foreign ownership in securing funding, as well as tax evasion. 

It has also been accused of cyber libel — a new criminal law introduced in 2012, the same year Rappler was founded.

Duterte has attacked the website by name, calling it a “fake news outlet”, over a story about one of his closest aides.

The news portal is accused of allowing foreigners to take control of its website through its parent Rappler Holdings’ issuance of “depositary receipts”.

Under the constitution, investment in media is reserved for Filipinos or Filipino-controlled entities.

The case springs from the 2015 investment from the US-based Omidyar Network, which was established by eBay founder Pierre Omidyar.  

Omidyar later transferred its investment in Rappler to the site’s local managers to stave off efforts by Duterte to shut it down.

Ressa, who is also a US citizen, and Russian journalist Dmitry Muratov were awarded the Nobel Peace Prize in October for their efforts to “safeguard freedom of expression”.

Ressa is fighting at least seven court cases, including an appeal against a conviction in a cyber libel case, for which she is on bail and faces up to six years in prison. 

Rappler faces about eight cases, Ressa said.

The International Center for Journalists has urged the Philippine government to reverse its order to shut down Rappler. 

“This legal harassment not only costs Rappler time, money and energy. It enables relentless and prolific online violence designed to chill independent reporting,” ICFJ said in a statement posted on Twitter. 

Marcos Jr, the son of the Philippines’ former dictator who presided over widespread human rights abuses and corruption, takes over from Duterte on Thursday.

Activists fear Marcos Jr’s presidency could worsen human rights and freedom of speech in the country.

EU approves end of combustion engine sales by 2035

The European Union approved a plan to end the sale of vehicles with combustion engines by 2035 in Europe, the 27-member bloc announced early Wednesday, in a bid to reduce CO2 emissions to zero. 

The measure, first proposed in July 2021, will mean a de facto halt to sales of petrol and diesel cars as well as light commercial vehicles and a complete shift to electric engines in the European Union from 2035. 

The plan is intended to help achieve the continent’s climate objectives, in particular, carbon neutrality by 2050.

At the request of countries including Germany and Italy, the EU-27 also agreed to consider a future green light for the use of alternative technologies such as synthetic fuels or plug-in hybrids.

While approval would be tied to achieving the complete elimination of greenhouse gas emissions, the technologies have been contested by environmental NGOs.

Environment ministers meeting in Luxembourg also approved a five-year extension of the exemption from CO2 obligations granted to so-called “niche” manufacturers, or those producing fewer than 10,000 vehicles per year, until the end of 2035. 

The clause, sometimes referred to as the “Ferrari amendment”, will benefit luxury brands in particular.

These measures must now be negotiated with members of the European Parliament. 

“This is a big challenge for our automotive industry,” acknowledged French Minister of Ecological Transition Agnes Pannier-Runacher, who chaired Tuesday night’s meeting. 

But she said it was a “necessity” in the face of competition from China and the United States, which have bet heavily on electric vehicles seen as the future of the industry. 

These decisions will “allow a planned and accompanied transition”, the minister said. 

– Openness to synthetic fuels –

Europe’s automotive industry, which is already investing heavily in the move to electric vehicles, fears the social impact of a too-rapid transition. 

“The overwhelming majority of car manufacturers have chosen electric cars,” said Frans Timmermans, the EU Commission Vice President in charge of the European Green Deal, at a press conference. 

He affirmed the EU body’s willingness to be open-minded to other technologies — like synthetic fuels, which are also referred to as e-fuels. 

“We are technology neutral. What we want are zero-emission cars,” he explained. 

“At the moment, e-fuels do not seem a realistic solution, but if manufacturers can prove otherwise in the future, we will be open.” 

The technology of synthetic fuels, currently under study, consists of producing fuel from CO2 from industrial activities using low-carbon electricity, in a circular economy approach. 

Like the oil industry, the automotive sector has high hopes for these new fuels, which would extend the use of internal combustion engines now threatened by the emergence of completely electric vehicles. 

But environmental organisations object to the use of this technology in cars, as it is considered both expensive and energy-consuming.

The synthetic-fuelled engines also emit as much nitrogen oxide (NOx) as their fossil fuel equivalents, they say.

Cars are the main mode of transport for Europeans and account for just under 15 percent of total CO2 emissions in the EU. It is also one of the main gases responsible for global warming. 

In response to manufacturers’ concerns about insufficient consumer demand for 100 percent electric cars, the Commission has recommended a major expansion of charging stations. 

“Along the main roads in Europe, there must be charging points every 60 kilometres (37 miles),” said European Commission President Ursula von der Leyen last year. 

Manufacturers regularly complain about the lack of such infrastructure, especially in southern and eastern European countries.

Range extenders: solar panels provide more juice to EVs

Startups and major carmakers are starting to incorporate solar panels on their electric vehicles, an addition that extends the range of the cars even if perpetual motion remains a dream.

As it rolls under the blistering sun of northern Spain, the Lightyear 0 generates enough electricity every day to drive 70 kilometers (43 miles) thanks to the five square metres of solar panels integrated into hood and roof.

The company was founded by young Dutch engineers who earned their spurs in running solar cars in races across the Australian desert.

Thanks to the drop in the price of solar panels, Lightyear is trying to incorporate them into road cars.

With its sleek, aerodynamic line and motors integrated into the wheels, the Lightyear 0 consumes less energy than electric SUVs. 

Coupled with a battery that offers 625 kilometres per charge, the company says some customers who drive only short distances each day may only need to charge during the winter.

“The clock is ticking, we need to have sustainable cars as soon as possible,” one of the founders, Lex Hoefsloot, told AFP. 

“Charging points are still a big hurdle. If we don’t need them, we can scale electric cars much quicker,” he added. 

Lightyear targeted the top-end of the market with the 0, with the 1,000 or so cars produced setting back buyers 250,000 euros, the equivalent of a Bentley.

The company hopes to launch a mass-market model with a price tag of 30,000 euros ($31,500) in 2024-2025. 

– Going mainstream –

As sales of electric vehicles are soaring, a number of models with solar panels are expected to arrive in dealerships in the coming months.

Toyota is now proposing solar panels as an option on Prius hybrids, as well as its first 100 percent electric vehicle, the BZ4X.

Tesla also plans to offer solar panels as an option on its pickup that is due to hit the road next year.

Mercedes equipped its luxurious EQXX with solar panels in the roof. The sedan, sleek like the Lightyear, has a range of 1,000 kilometres.

The cost of adding solar panels to cars has now fallen to several hundred dollars, a small amount compared to the overall cost of most models.

“Solar is now so inexpensive that even imperfectly sunny locations are worth putting solar on,” said Gregory Nemet, a solar power expert at the University of Wisconsin-Madison.

“The value of putting solar on cars is that it can extend the range of the car,” he said.

While it may not be able to fully charge the battery in a day, “it can provide enough energy to get home”.

Or solar panels can help provide enough electricity to run the air conditioning in the vehicles, noted Gautham Ram Chandra Mouli, a specialist on electric mobility at Delft University in the Netherlands. 

– Parking problems –

Drivers will likely want to run the air conditioning as they will have to park in the sun in order to get a good charge.

That could pose problems for some city drivers with parking spaces in garages.

The season is also an important factor. Drivers in northern Europe will get much less of a charge from integrated solar panels in the winter than during the summer. 

The California startup Aptera, which has 25,000 orders, designed its futuristic three-wheeler to be highly efficient in order to get the most from solar power.

The two-seater vehicles, which should begin to be delivered to buyers this year, could get over 60 kilometres of travel from its solar panels.

Depending on the model, which cost from $26,000 to $46,000, the cars can travel from 400 to 1,600 kilometres on a full battery charge.

German firm Sono Motors has taken a more classic approach with its compact-minivan Sion.

A boxy, black five-seater that screams family car, the Sion is completely covered in solar panels.

“We developed a technique that allows covering all the car” with solar panels, said Jona Christians, a co-founder of Sono Motors.

The first Sions should be delivered next year and the current pre-order price is 28,500 euros.

The firm already has 18,000 such pre-orders and hopes to be able to manufacture over a quarter-million vehicles this decade.

The Sion is also being designed to offer different functionalities from its battery, including powering other devices and charging other vehicles. It can even give power back to the grid.

The Dutch firm Squad Mobility is targeting a different market — what it calls sub(urban) mobility.

The Squad Solar City Car may resemble an enclosed golf cart, but the two- or four-seat vehicles can zip around fast enough and have enough room to make completing many urban errands convenient. 

With the solar panels in the roof, the car can generate enough power to travel 20 kilometres per day in Europe. 

The company says such microcars travel around 12 kilometres per day on average, meaning most users won’t need to charge it daily.

“Solar panels will get more affordable, drivetrains will get better,” said Squad Mobility’s chief, Robert Hoevers.

“Sooner or later you’ll drive everyday on solar.” 

Range extenders: solar panels provide more juice to EVs

Startups and major carmakers are starting to incorporate solar panels on their electric vehicles, an addition that extends the range of the cars even if perpetual motion remains a dream.

As it rolls under the blistering sun of northern Spain, the Lightyear 0 generates enough electricity every day to drive 70 kilometers (43 miles) thanks to the five square metres of solar panels integrated into hood and roof.

The company was founded by young Dutch engineers who earned their spurs in running solar cars in races across the Australian desert.

Thanks to the drop in the price of solar panels, Lightyear is trying to incorporate them into road cars.

With its sleek, aerodynamic line and motors integrated into the wheels, the Lightyear 0 consumes less energy than electric SUVs. 

Coupled with a battery that offers 625 kilometres per charge, the company says some customers who drive only short distances each day may only need to charge during the winter.

“The clock is ticking, we need to have sustainable cars as soon as possible,” one of the founders, Lex Hoefsloot, told AFP. 

“Charging points are still a big hurdle. If we don’t need them, we can scale electric cars much quicker,” he added. 

Lightyear targeted the top-end of the market with the 0, with the 1,000 or so cars produced setting back buyers 250,000 euros, the equivalent of a Bentley.

The company hopes to launch a mass-market model with a price tag of 30,000 euros ($31,500) in 2024-2025. 

– Going mainstream –

As sales of electric vehicles are soaring, a number of models with solar panels are expected to arrive in dealerships in the coming months.

Toyota is now proposing solar panels as an option on Prius hybrids, as well as its first 100 percent electric vehicle, the BZ4X.

Tesla also plans to offer solar panels as an option on its pickup that is due to hit the road next year.

Mercedes equipped its luxurious EQXX with solar panels in the roof. The sedan, sleek like the Lightyear, has a range of 1,000 kilometres.

The cost of adding solar panels to cars has now fallen to several hundred dollars, a small amount compared to the overall cost of most models.

“Solar is now so inexpensive that even imperfectly sunny locations are worth putting solar on,” said Gregory Nemet, a solar power expert at the University of Wisconsin-Madison.

“The value of putting solar on cars is that it can extend the range of the car,” he said.

While it may not be able to fully charge the battery in a day, “it can provide enough energy to get home”.

Or solar panels can help provide enough electricity to run the air conditioning in the vehicles, noted Gautham Ram Chandra Mouli, a specialist on electric mobility at Delft University in the Netherlands. 

– Parking problems –

Drivers will likely want to run the air conditioning as they will have to park in the sun in order to get a good charge.

That could pose problems for some city drivers with parking spaces in garages.

The season is also an important factor. Drivers in northern Europe will get much less of a charge from integrated solar panels in the winter than during the summer. 

The California startup Aptera, which has 25,000 orders, designed its futuristic three-wheeler to be highly efficient in order to get the most from solar power.

The two-seater vehicles, which should begin to be delivered to buyers this year, could get over 60 kilometres of travel from its solar panels.

Depending on the model, which cost from $26,000 to $46,000, the cars can travel from 400 to 1,600 kilometres on a full battery charge.

German firm Sono Motors has taken a more classic approach with its compact-minivan Sion.

A boxy, black five-seater that screams family car, the Sion is completely covered in solar panels.

“We developed a technique that allows covering all the car” with solar panels, said Jona Christians, a co-founder of Sono Motors.

The first Sions should be delivered next year and the current pre-order price is 28,500 euros.

The firm already has 18,000 such pre-orders and hopes to be able to manufacture over a quarter-million vehicles this decade.

The Sion is also being designed to offer different functionalities from its battery, including powering other devices and charging other vehicles. It can even give power back to the grid.

The Dutch firm Squad Mobility is targeting a different market — what it calls sub(urban) mobility.

The Squad Solar City Car may resemble an enclosed golf cart, but the two- or four-seat vehicles can zip around fast enough and have enough room to make completing many urban errands convenient. 

With the solar panels in the roof, the car can generate enough power to travel 20 kilometres per day in Europe. 

The company says such microcars travel around 12 kilometres per day on average, meaning most users won’t need to charge it daily.

“Solar panels will get more affordable, drivetrains will get better,” said Squad Mobility’s chief, Robert Hoevers.

“Sooner or later you’ll drive everyday on solar.” 

Asian market losses driven by recession, inflation fears

Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian markets tumbling Wednesday, tracking a sharp drop on Wall Street.

The hefty selling came after more than a week of gains across the world caused by hopes that any signs of contraction could give central banks room to ease up on their pace of monetary tightening.

The fluctuations on trading floors show how tough it has become for investors to find their feet, just as financial policymakers struggle to find a balance between containing prices and maintaining economic growth.

Wednesday’s selling came after New York’s three main indexes tanked in reaction to data showing confidence among US consumers — who are a crucial driver of the world’s top economy — had fallen to its lowest level in more than a year.

The mood-sapping reading was partly driven by a feeling inflation would persist, suggesting consumers are not sure the Federal Reserve’s aggressive efforts to tame inflation will work.

The news overshadowed a surprise move by China to slash the quarantine period for incoming travellers, raising hopes for further relaxations that can allow the country’s giant economy to recover more quickly.

In early Asian trade, Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Taipei, Jakarta and Wellington were all well down.

Top Fed officials on Tuesday tried to play down the chances of a recession, with the heads of the Fed in San Francisco and New York saying they were upbeat a soft landing could be achieved.

“I see us tapping on the brakes to slow to a more sustainable pace, rather than slamming on the brakes, going over the handlebars and having the proverbial recession,” San Francisco’s Mary Daly told an online event hosted by LinkedIn.

“I wouldn’t be surprised, and it’s actually in my forecast, that growth will slip below two percent, but it won’t actually pivot down into negative territory for a long period of time.”

– Threading a fine line –

But analysts were more sceptical, with Sim Moh Siong at Bank of Singapore saying “low US consumer expectations suggest weaker growth in (the second half of 2022) as well as growing risk of recession by year end”.

The Conference Board’s chief economist Dana Peterson warned the United States will likely see a recession in late 2022.

And Emily Weis, at State Street Corp, said: “The Fed still believes it can thread that very fine line between tightening financial conditions while not hurting the economy too much.

“We’re still not sure they’re going to be able to pull that off. That’s what we’ve seen reflected in the markets over the last month or so.”

Oil prices dipped though remain elevated following a run-up in recent days on expectations that demand will continue to rise — despite recessionary talk — and supplies remain tight owing to the ban on imports from Russia.

And while G7 leaders agreed to work on a price cap for Russian oil as part of efforts to cut the Kremlin’s revenues, observers warned that will not likely have a massive impact on prices.

“The easing of China’s zero-Covid policy helped oil to the third day of gains following a decent correction in recent weeks,” said Craig Erlam at OANDA. 

“As did reports that the UAE and Saudi Arabia are producing near capacity, in stark contrast to claims that both are holding back and could do more.”

He added that OPEC and other major producers were 2.7 million barrels per day below target in May, “taking the total shortfall under the agreement to more than half a billion”.

“Even sanctions being lifted on Iran and Venezuela can’t do much against that backdrop. It may well take a recession to return oil prices to sustainable levels any time soon,” he warned.

– Key figures at around 0230 GMT –

Tokyo – Nikkei 225: DOWN 1.1 percent at 26,759.99 (break)

Hong Kong – Hang Seng Index: DOWN 0.9 percent at 22,205.99

Shanghai – Composite: DOWN 0.1 percent at 3,404.32

Dollar/yen: DOWN at 136.10 yen from 136.20 yen Friday

Pound/dollar: UP at $1.2207 from $1.2187

Euro/dollar: UP at $1.0531 from $1.0525

Euro/pound: DOWN at 86.26 pence from 86.32 pence

West Texas Intermediate: DOWN 0.5 percent at $111.24 per barrel

Brent North Sea crude: DOWN 0.6 percent at $117.25 per barrel

New York – Dow: DOWN 1.6 percent at 30,946.99 (close)

London – FTSE 100: UP 0.9 percent at 7,323.41 (close) 

Asian market losses driven by recession, inflation fears

Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian markets tumbling Wednesday, tracking a sharp drop on Wall Street.

The hefty selling came after more than a week of gains across the world caused by hopes that any signs of contraction could give central banks room to ease up on their pace of monetary tightening.

The fluctuations on trading floors show how tough it has become for investors to find their feet, just as financial policymakers struggle to find a balance between containing prices and maintaining economic growth.

Wednesday’s selling came after New York’s three main indexes tanked in reaction to data showing confidence among US consumers — who are a crucial driver of the world’s top economy — had fallen to its lowest level in more than a year.

The mood-sapping reading was partly driven by a feeling inflation would persist, suggesting consumers are not sure the Federal Reserve’s aggressive efforts to tame inflation will work.

The news overshadowed a surprise move by China to slash the quarantine period for incoming travellers, raising hopes for further relaxations that can allow the country’s giant economy to recover more quickly.

In early Asian trade, Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Taipei, Jakarta and Wellington were all well down.

Top Fed officials on Tuesday tried to play down the chances of a recession, with the heads of the Fed in San Francisco and New York saying they were upbeat a soft landing could be achieved.

“I see us tapping on the brakes to slow to a more sustainable pace, rather than slamming on the brakes, going over the handlebars and having the proverbial recession,” San Francisco’s Mary Daly told an online event hosted by LinkedIn.

“I wouldn’t be surprised, and it’s actually in my forecast, that growth will slip below two percent, but it won’t actually pivot down into negative territory for a long period of time.”

– Threading a fine line –

But analysts were more sceptical, with Sim Moh Siong at Bank of Singapore saying “low US consumer expectations suggest weaker growth in (the second half of 2022) as well as growing risk of recession by year end”.

The Conference Board’s chief economist Dana Peterson warned the United States will likely see a recession in late 2022.

And Emily Weis, at State Street Corp, said: “The Fed still believes it can thread that very fine line between tightening financial conditions while not hurting the economy too much.

“We’re still not sure they’re going to be able to pull that off. That’s what we’ve seen reflected in the markets over the last month or so.”

Oil prices dipped though remain elevated following a run-up in recent days on expectations that demand will continue to rise — despite recessionary talk — and supplies remain tight owing to the ban on imports from Russia.

And while G7 leaders agreed to work on a price cap for Russian oil as part of efforts to cut the Kremlin’s revenues, observers warned that will not likely have a massive impact on prices.

“The easing of China’s zero-Covid policy helped oil to the third day of gains following a decent correction in recent weeks,” said Craig Erlam at OANDA. 

“As did reports that the UAE and Saudi Arabia are producing near capacity, in stark contrast to claims that both are holding back and could do more.”

He added that OPEC and other major producers were 2.7 million barrels per day below target in May, “taking the total shortfall under the agreement to more than half a billion”.

“Even sanctions being lifted on Iran and Venezuela can’t do much against that backdrop. It may well take a recession to return oil prices to sustainable levels any time soon,” he warned.

– Key figures at around 0230 GMT –

Tokyo – Nikkei 225: DOWN 1.1 percent at 26,759.99 (break)

Hong Kong – Hang Seng Index: DOWN 0.9 percent at 22,205.99

Shanghai – Composite: DOWN 0.1 percent at 3,404.32

Dollar/yen: DOWN at 136.10 yen from 136.20 yen Friday

Pound/dollar: UP at $1.2207 from $1.2187

Euro/dollar: UP at $1.0531 from $1.0525

Euro/pound: DOWN at 86.26 pence from 86.32 pence

West Texas Intermediate: DOWN 0.5 percent at $111.24 per barrel

Brent North Sea crude: DOWN 0.6 percent at $117.25 per barrel

New York – Dow: DOWN 1.6 percent at 30,946.99 (close)

London – FTSE 100: UP 0.9 percent at 7,323.41 (close) 

Trump lunged at driver to try to join Capitol riot: aide

Former US president Donald Trump angrily lunged at his Secret Service driver and grabbed at the steering wheel of his limousine in a bid to join the crowd as it marched on the Capitol on the day of the deadly insurrection, an aide testified Tuesday.

In some of the most explosive testimony so far to the House committee probing the violence, Cassidy Hutchinson, an assistant to Trump’s chief of staff Mark Meadows, said the president had demanded to be taken to the Capitol after his speech near the White House.

Trump became irate when he was told that it was impossible for security reasons, and he tried to wrestle the Secret Service for control of his official car, Hutchinson testified.

“I’m the effing president, take me up to the Capitol now,” Trump said, according to Hutchinson, who testified that the story was relayed to her by another administration official.

Trump, apparently watching the televised hearing, attempted to discredit Hutchinson in real time in a multiple-post rant on his social media network, dismissing the episode as a “fake story” and calling the hearing a “kangaroo court.”

US media later reported that the Secret Service agents involved may be willing to testify and deny Hutchinson account.

The US Secret Service did not respond to AFP’s request for comment.

The congressional panel has spent a year investigating the January 6, 2021 riot that temporarily halted the certifying by Congress of the presidential election result.

It has now held six public hearings to outline its initial finding — that Trump led a criminal conspiracy to overturn his defeat to Joe Biden that led to the violence.

Hutchinson was a central figure in the administration and able to offer the committee its first blow-by-blow account of activity inside the White House.

She testified that Trump and some of his top lieutenants were aware of the possibility of violence — contradicting claims that the assault was spontaneous and had nothing to do with the administration.

– ‘Things might get real, real bad’ –

Hutchinson said she recalled Meadows saying four days before the insurrection: “Things might get real, real bad on January 6.”

Hutchinson had sought out her boss, she said, after a White House meeting involving Trump’s lawyer Rudy Giuliani. As they were leaving, Giuliani asked her if she was “excited” for January 6. 

When she asked what Giuliani meant, Hutchinson recalled that he “responded something to the effect of, ‘We’re going to the Capitol.'” 

“‘It’s going to be great. The president’s going to be there. He’s going to look powerful… Talk to the chief about it. He knows about it.'”

She told Meadows what Giuliani had said, she testified.

“He didn’t look up from his phone and said something to the effect of, ‘There’s a lot going on, Cass, but I don’t know. Things might get real, real bad on January 6,'” Hutchinson told the hearing.

Meadows and Trump were aware of the possibility of violence, including that members of the pro-Trump mob were armed when they gathered near the White House on the day of the riot, Hutchinson said.  

– Armed protesters –

When she told Meadows violence had erupted, Meadows “almost had a lack of reaction,” Hutchinson said.

Vice chair Liz Cheney said the committee had obtained police reports that people at the Trump rally on the Ellipse had knives, Tasers, pepper spray and blunt objects that could be used as weapons.

Police transmissions played at the hearing showed that others outside the rally had firearms including AR-15 semi-automatic rifles.

Hutchinson described an exchange between Meadows and White House Counsel Pat Cipollone soon after the rioters broke into the US Capitol, during which the lawyer said Trump needed to call off the mob chanting for his vice president Mike Pence to be hanged.

“He doesn’t want to do anything, Pat,” Hutchinson recalls Meadows telling Cipollone. Trump “thinks Mike deserves it,” Hutchinson recalled Meadows adding.

Meadows, who asked for a pardon related to January 6, refused to testify before the panel since handing over thousands of text messages and other documents in the early stages of the investigation.

The latest hearing was announced at last minute amid concerns for Hutchinson’s security. Cheney suggested that that former Trump officials were trying to intimidate witnesses.

Life in the abyss, a spectacular and fragile struggle for survival

Cloaked in darkness and mystery, the creatures of the deep oceans exist in a world of unlikely profusion, surviving on scant food and under pressure that would crush human lungs.

This extremely hostile environment, which will come under the spotlight at a major United Nations oceans summit in Lisbon this week, has caused its inhabitants to develop a prodigious array of alien characteristics and idiosyncratic survival techniques.

A vast assortment of animals populate the sunless depths, from the colossal squid, which wrapped its tentacles around the imaginations of sailors and storytellers, to beings with huge cloudy eyes, or whose bodies are as transparent as glass. 

And the angler fish, with its devilish looks illuminated by a built-in headlamp, showing that the deep dark is alive with lights.

– ‘Incredible’ creatures – 

Until the middle of the 19th century, scientists believed that life was impossible beyond a few hundred metres.

“They imagined that there was nothing, because of the absence of light, the pressure, the cold, and the lack of food,” Nadine Le Bris, a professor at Sorbonne University, told AFP. 

Between 200 and 1,000 metres (650 to 3,300 feet), the light fades until it vanishes completely, and with it plants; at 2,000 metres the pressure is 200 times that of the atmosphere.  

From the abyssal plains to the cavernous trenches plunging deeper than Everest is high, aquatic existence continues in spectacular diversity. 

“When people think of the deep sea they often think of the seafloor,” said Karen Osborn of the Smithsonian’s Natural History Museum. 

“But all that water in between is full of incredible animals. There is a ton of life.”

These open water inhabitants face a formidable challenge: they have nowhere to hide. 

“There’s no seaweed to hide in, no caves or mud to dig into,” said Osborn. 

“There are predators coming at them from below, from above, from all around.” 

– Masters of disguise – 

One tactic is to become invisible. 

Some creatures are red, making them difficult to distinguish in an environment where red light no longer filters through. 

Others render themselves transparent. 

Take the transparent gossamer worm, which ranges in size from a few millimetres to around a metre long and shimmies through the water by fluttering its frilly limbs. 

“They look like a fern frond,” said Osborn.

“They’re beautiful animals and they shoot yellow bioluminescent light out of the tips of their arms. What could be better than that.”

Bioluminescence is particularly common among fish, squid, and types of jellyfish, according to the US National Oceanic and Atmospheric Administration, which says around 80 percent of animals living between 200 and 1,000 metres produce their own light.    

This chemical process might be helpful for defence, reproduction or to find food — but no one knows for sure why so many creatures have evolved it, says NOAA. 

– “Sea snow” –

With no plants around and animals scattered in the vastness doing their utmost to disappear, creatures in the ocean depths often have a hard time finding a live meal.  

“If you happen to get lucky and hit a patch of your food, bingo! But you may not see another one for three weeks,” said Osborn.  

Another option is to feast on the dead.  

Organic particles from the surface waters — disintegrated bodies of animals and plants, mingling with fecal matter — drift down in what is known as “marine snow”. 

This cadaverous confetti forms part of a process that sequesters carbon dioxide in the ocean depths.

It is also a lifeline for many deep sea animals, including the blood red vampire squid which, contrary to its reputation, peacefully hoovers up marine snow.

When giants like dead whales sink to the seabed, they are swiftly reduced to bone by scavengers. 

– Final frontier –

With most of the oceans still unexplored, it is often said that we know more about the surface of Mars than we do about the seafloor on our own planet. 

But unlike outer space, scientists keep finding life even under the most hostile of conditions. 

Like the searing hydrothermal vents at the cracks between oceanic plates that spew chemical compounds such as hydrogen sulphide. 

Microorganisms use this to create organic matter via “chemosynthesis”, like plants use the sun for photosynthesis, which in turn feeds “exuberant” ecosystems, said Pierre-Marie Sarradin, head of the Deep Ecosystems department at the French research agency Ifremer. 

These hydrothermal springs were totally unknown until the 1970s. 

Scientists have so far identified some 250,000 marine species, though there could still be at least a million to be discovered.

Could there be an elusive sea monster lurking in the depths? Despite measuring more than 10 metres in length the colossal squid has only very rarely been seen.

“I don’t think we’re going to find a megalodon,” said Osborn, referring to the giant ancestor of the shark.

Humans may not have explored much of the deep seas, but they have left their mark, via global heating, overfishing and pollution. 

Oceans are acidifying as they absorb more and more CO2, there is a growing prevalence of “dead zones” without oxygen, while microplastics have been found in crustaceans at a depth of nearly 11 kilometres in the Mariana Trench. 

Food reaches the bottom in smaller quantities. 

Nadine Le Bris said species that “already live at the limits in terms of oxygen or temperature”, are already “disturbed”.

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