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EU, US Officials Meet to Discuss Possible Carry-on Laptop Ban

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  • EU, US Officials Meet to Discuss Possible Carry-on Laptop Ban

The fear that allowing carry-on-laptop on aircraft cabins has been reinforced by investigations that confirmed it a plausible threat to flight safety and concerned EU and US authorities are looking at further ban of electronics onboard flights.

This was confirmed by The Washington Post, which has reported that Senior US homeland security officials briefed European officials last Wednesday about an “evolving aviation security threat” that might prompt an expansion of a ban on carry-on laptops and electronic devices on U.S.-bound flights, after President Trump disclosed highly classified intelligence to Russia about a ­laptop-related terrorism plot.

The meeting in Brussels — a portion of which occurred in a classified setting — came after European officials were surprised a fortnight ago by media reports of a potentially expanded ban, as Europeans were worried that it would possibly disrupt travel with little security payoff.

The Department of Homeland Security has said it has not yet made a decision.

The medium reported that the classified briefing underlined the awkward situation US allies have been put in by Trump’s decision last week to share sensitive information during an Oval Office visit by Russian Foreign Minister Sergei Lavrov. That put Russia — a U.S. adversary — in the position of knowing more about sensitive security intelligence than Washington’s closest counterterrorism partners.

Deputy Homeland Security Secretary Elaine Duke conferred last Wednesday with Dimitris Avramopoulos and Violeta Bulc, the top EU officials in charge of migration and transportation.

“At the meeting, both sides exchanged information on the serious evolving threats to aviation security and approaches to confronting such threats,” the European Commission and the Department of Homeland Security said in a joint statement after the meeting.

European officials have complained about being in the dark.

“Any threats that affect the US are the same for Europe. So information should be shared. We explained that. And our response should be one in common,” European Commission spokesman Enrico Brivio said before the meeting, voicing European concerns that the United States was about to take unilateral action without explaining the threat to its partners.

The US delegation appears to have started those explanations Wednesday — a week after Trump shared related information with the Kremlin. Another meeting will be held in Washington next week.

“We did provide certain European partners specific insight into the specific and current and I would say evolving aviation security threat around the electronic restrictions,” a senior US official said, briefing reporters after the meeting on the condition of anonymity.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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