Several Republican senators defied the White House Wednesday and pressed ahead with legislation that would require Congress to sign off on certain tariffs imposed by US President Donald Trump.

The Trump administration, citing national security concerns, last week unveiled punishing tariffs on imports of steel and aluminum from the European Union, Canada, Japan and Mexico, among others, antagonising free-trade supporters in the US Congress.

The bill, sponsored by six Republicans and four Democrats, would require the president to submit to Congress any proposal to place tariffs on imports in the interest of national security, under Section 232 of the Trade Expansion Act.

“Unfortunately, the administration is abusing the Section 232 authority delegated to the president by Congress,” said Senator Bob Corker, the bill’s chief proponent.

“If the president truly believes invoking Section 232 is necessary to protect the United States from a genuine threat, he should make the case to Congress and to the American people and do the hard work necessary to secure congressional approval,” Corker added.

Corker, who is retiring at the end of the year, said he received a “lengthy” phone call from the Republican president who told him “he’s not pleased with the effort” to rein in his trade authority.

The lawmakers aim to introduce the measure as an amendment to a national defence authorisation bill coming up for debate in the Senate.

The defence bill is must-pass legislation, but the fate of the tariff measure is uncertain.

Even if it passes the Senate, it might end up being scrapped from the final version of the defence bill negotiated with the House.

Senate Majority Leader Mitch McConnell signalled he was unwilling to spend much time on the “contentious” measure, saying he wanted to focus in the coming months on “getting bills passed that we have to do for the country.”

Several Republicans, including House Speaker Paul Ryan, have expressed frustration with Trump’s willingness to defy party orthodoxy and resort to punitive tariffs against allies, moves they warn could spark trade wars that would end up hurting American producers, workers and consumers.

But Ryan hinted Wednesday at the difficulty of Congress reining in Trump’s trade authority.

“You’d have to pass a law that he would want to sign into law,” Ryan told reporters. “You can do the math on that.”

Corker said the “vast majority” of Senate Republicans agreed with the policy to limit Trump’s imposition of tariffs.

But Republican leadership and rank-and-file conservatives have shown little appetite to defy Trump legislatively, especially in a mid-term election year.

(AFP)

Unwanted cocoa from Cameroon disrupted the latest exchange delivery in London as one trader was forced to split large piles of beans into smaller bags, according to people familiar with the matter. Swiss company Ecom Agroindustrial Corp. had to break down two piles of 1,000 metric tons of beans from Cameroon for delivery as several traders bought via the exchange, said the people, who asked not to be identified because the information is private. It was the first time that the bulk delivery units had to be split, prompting ICE Futures Europe to delay the delivery announcement by a day and then later revise amounts.

In the latest delivery, some traders tried to avoid receiving cocoa from Cameroon by keeping their long positions below a certain level in the hope that they’d get beans of another origin, the people said. That backfired because exchange rules can force the breakdown into smaller bags.

Buyers of the May contract included Cargill Inc., Barry Callebaut AG, Dutch trader Cocoanect and Belgium’s Group Sopex, the people said. Most of the delivery was of Cameroonian beans, with the rest coming from Nigeria, ICE data show. Some arrangements to settle the expiry were made outside the exchange as ICE’s rules have a provision for alternative delivery procedures, according to the people.

The issue has called into question whether the exchange should allow bulk delivery, or a combination of Cameroon cocoa and bulk units, the traders said. The exchange will probably address the issue next time its cocoa advisory committee meets, the people said.

ICE continuously evaluates contract terms and procedures, including holding open dialogue with market participants, ICE Futures Europe President Stuart Williams said. The last delivery took place in line with exchange rules, he said, adding that it could look into possible changes based on industry feedback.

Source: Bloomberg

Russia is warning that the decision by US President Donald Trump to pull America out of a nuclear agreement with Iran and re-instate sanctions against the country could push oil prices to new highs.

Igor Sechin, the chief executive officer of Russia’s oil giant Rosneft, was quoted by media as saying that the sanctions against Iran – that would include bans on purchases of oil from the country – could cause an inevitable reduction of Iranian barrels in the global supply pool.

Sechin added that the sanctions against Iran could knock at least five percent of global oil production offline.

He warned that new price records might be on the horizon due to Trump’s anti-Iran move particularly now that oil futures were already sliding on expectation of higher Russian and Saudi production – amid signals that the ongoing OPEC and non-OPEC production cut agreement to the tune of 1.8 million barrels per day might be canned, according to a report by the Forbes.

Drivers and industries across Europe and the U.S. will feel the effects of action taken by the White House, as the revoking of the Iran Nuclear deal – “a non-market factor” makes the global oil sector unpredictable, Sechin – widely believed to be close to Russia’s President Vladimir Putin – added.

“I have to say that the US has consistently pursued the policy of non-acceptance of international agreements, which would allow challenging their actions on global platforms. In fact, judicial protection and fair market arbitration are off the table.”

On Wednesday, Senate Democratic Leader Charles Schumer warned that Trump’s decision to pull the US out of Iran nuclear deal could affect America’s consumption market and criticized the president for failing to take a proper action to stop this.

Schumer criticized Trump over the withdrawal from the nuclear agreement and exhorted the president to “stand up to OPEC” over the price issue.

“It’s time for this president to stand up to OPEC,” he said.

“He’s palling around with the Saudis and the UAE and all these other oil-rich countries. Why doesn’t he ask them to lower their prices?” Schumer said, added that Trump “should buck his oil industry buddies.”

Schumer said that gasoline prices had jumped 25 percent since Trump took office in January 2017 and blamed his policies – specifically those concerning the Middle East and Iran – for this.

Culled from Presstv

Southern Cameroons economy is rightly an afterthought compared to the scope of suffering that has accompanied the senseless war launched by President Biya. Approximately 1300 are dead. Some 40,000 Ambazonians have fled the country to Nigeria and as many as 160,000 others have been displaced internally according to the United Nations.

Correspondingly, it’s worth noting the almost utter economic devastation. Cameroon Concord News Group estimates that more than 95% of the Southern Cameroons economy has been destroyed by the war. Understandably, our estimate is based on very limited data and conjecture due to the fact that the French Cameroun army soldiers have prevented all our efforts at getting access to most important data ever since the revolution began.

For the record, the two year destruction of more than three-quarters of the Southern Cameroons economy would rank among one of the steeper economic collapses ever recorded deep within the African continent, outpacing the catastrophic economic decline of Biafra after their defeat in the Nigerian civil war. As the killing of innocent Southern Cameroons civilians continue in places such as Santa and Pinyin village, it would take Africa’s newest state-the Federal Republic of Ambazonia about 40 years to reach its pre-war real GDP level.

By Seseskou Asu Isong, London

SatADSL, a provider of VSAT services via satellite, and Cameroonian operator Camtel, have announced a partnership to provide satellite connectivity nationwide. The formal agreement follows a pilot of SatADSL’s services at various public and private enterprises and communities in Cameroon, including schools, post offices, hospitals and banks.

SatADSL plans to integrate and deploy its VSAT services in the central African country, enabling Camtel to offer competitive broadband packages to even the most rural areas. SatADSL will fulfil all of Camtel’s satellite connectivity requirements on every frequency range, namely Ku-, Ka- and C-band. Camtel is the latest operator in Africa to deploy SatADSL’s services, which are offered through the Cloud-based Service Delivery Platform (C-SDP).

The complete OSS/BSS, carrier-grade, fully redundant platform allows operators easily to outsource satellite services, reducing the cost of providing ubiquitous connectivity by enabling fast, flexible and future-proof satellite connectivity via the cloud for the first time, eliminating the need for physical infrastructure.

Source: Telecompaper

Hundreds of millions of pesos have been illegally withdrawn from several Mexican banks in possible cyber attacks in recent weeks, Mexican officials have announced.

Hackers sent hundreds of false orders to transfer funds from banks, including No. 2 Banorte, to fake accounts in other banks, and accomplices then emptied the accounts in cash withdrawals in scores of branch offices, two sources close to a Mexican government investigation of the matter said.

One source said the thieves transferred more than 300 million pesos ($15.4 million) while the El Financiero newspaper reported that around 400 million pesos had been stolen.

It was not clear how much of the money transferred was later withdrawn in cash.

Speaking to reporters late on Monday, Mexico’s Central Bank Governor Alejandro Diaz de Leon described the attacks as unprecedented, expressing hope that unspecified measures being taken would stop similar future incidents.

“There’s no evidence that would allow us to say with certainty that this is over,” he said, adding “We’re taking corrective and mitigating action.”

Diaz de Leon declined to name the banks targeted or specify the amounts stolen. He said the central bank was still probing what had happened.

He later said in a radio interview that all the evidence — so far still partial — pointed to cyberattacks.

The central bank’s head of operations, Lorenza Martinez, said on Friday that five financial institutions were targeted with “unauthorized transfers.”

One source said cyber attackers might have received assistance from inside bank branches, since such big cash withdrawals were uncommon.

“In terms of the security of the bank’s offices, I think that is part of the analysis that each bank is doing,” Martinez said.

He stressed that clients’ accounts had not been affected so far and that only the accounts of financial institutions in the Central Bank had been hit.

Source: Presstv