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In A Bold Move, Saudis Raise Crude Prices For Asia

September 5, 2017 Irina Slav 0

Saudi Arabia’s Aramco said yesterday that it will raise the October price of its Arab Light crude oil blend for Asian clients by US$0.55 a barrel to a premium of US$0.30 to the Oman/Dubai average. The increase signals growing demand for Saudi crude and improved refining margins in Asia thanks to the supply disruptions in the Gulf of Mexico that Hurricane Harvey caused. The average profit margin for a refinery in Singapore, Reuters’ Clyde Russell noted in a recent column, hit US$10.21 a barrel in the wake of Harvey. Aramco is certainly…

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Furious North Korea Slams US As “Heinous Aggressor Who Is Begging For War”, Vows To “Respond In Our Own Way”

September 5, 2017 Tyler Durden 0

North Korea said Tuesday it will “respond in our own ways” to any new sanctions that may be put in place following Pyongyang’s latest nuclear test.

According to Yonhap, In a Q&A session with the state-run Korean Central News Agency, the North Korean foreign ministry spokesman blasted the United States for leading the international efforts to adopt a fresh sanctions resolution. Flipping the table on Nikki Haley’s Monday Statement that North Korea is begging for war, North Korea said that it was the US that a “heinous aggressor who is begging for war.”

“Testing an H-bomb for an intercontinental ballistic rocket is a normal process that we must carry out to accomplish our policy of byongjin,” the spokesman said, referring to the North’s signature policy of seeking nuclear armament and economic development.

“In the face of the U.S. scheme of putting pressure through sanctions, we’ll respond in our own ways,” he added. “And the U.S. will be fully responsible for the catastrophic consequences that follow.”

KCNA also said that the US “should not forget even for a moment about the presence of the DPRK, the full- fledged nuclear power in possession of ICBM as well as A-bomb and H-bomb”

As a reminder, the U.S. and South Korea reportedly want new sanctions to include a cutoff of oil supplies to the North, though China appears reluctant to take a measure that it worries would lead to the collapse of its neighbor.

Earlier on Tuesday, North Korea said its recent missile launch and other “self-defense” measures were a “gift package” to the United States and warned other such gifts are on the way if Washington continues its “reckless provocations.” 

“The recent self-defense measures by my country, the DPRK, are a gift package addressed to none other than the US,” Han Tae-song, North Korea’s ambassador to the United Nations, said during an address to the UN-sponsored Conference on Disarmament on Tuesday. “The US will receive more gift packages from my country as long as it relies on reckless provocations and futile attempts to put pressure on the DPRK,” he continued.

Meanwhile, also according to Yonhap, in the latest sign of escalation, South Korea and the U.S. had agreed to strengthen US asset deployment to the country, although it was unclear if any such deployment would also include the previously requested re-deployment of US tactical nuclear weapons.

So what happens next?  According to several sellside desks, if North Korea indeed launches an ICBM, as highly likely, it will be virtually impossible that the US could ignore it and some form of military response would be forthcoming.  Whether this was a massive military reinforcement of the RoK with ground troops and other assets, (full invocation of OPLAN 5027) or limited strikes against critical targets remains to be seen.

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Israel denies aid workers visas

September 5, 2017 Middle East Monitor 0

Israel has suspended granting work visas to foreign charity workers delivering aid to Palestinians, according to AFP. Humanitarian organisations have noted numerous refusals or delays on the part of the Israeli government for over a year, affecting dozens of aid workers as they try to enter the country. “This situation could escalate into crippled humanitarian operations,” a senior aid worker told AFP. “A country director who is waiting outside the country for months means timely delivery of aid will be affected.” Israel has suspended various visas since August 2016, and in June of this year stopped issuing the B1 work visa, the most common documentation sought by those working with NGOs. Many are left working illegally on tourist visas only […]

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Sudan’s opposition head launches new peace initiative

September 5, 2017 Middle East Monitor 0

The secretary-general of one of Sudan’s leading opposition parties has launched an initiative aimed at ending the decade-long conflict in the western Darfur region including the Nuba Mountains and the Blue Nile areas, the official news agency SUNA has reported. Ali Al-Haj Mohammed of the Popular Congress Party (PCP) told SUNA he would meet with leaders of the political parties and armed forces inside the country and abroad to seek a settlement to the conflicts that began in 2003 and were re-ignited in the other areas shortly after the secession of South Sudan. Al-Haj began his first round of consultations at the home of the leader of the opposition’s National Umma Party (NUP), Al-Sadiq Al-Mahdi, who welcomed the initiative which he said could […]

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AG Sessions Confirms DACA Program Is Being Rescinded, Obama Administration “Disrespected Legal Process”

September 5, 2017 Tyler Durden 0

Update: Attorney General Jeff Sessions announces DACA program is being rescinded “the previous adminstration disrespected the legal process”

BREAKING: Attorney General Jeff Sessions announces DACA program is being rescinded https://t.co/Ju9kxsuXZm

— NBC News (@NBCNews) September 5, 2017

 

To have a lawful system of immigration that serves the national interest, we cannot admit everyone who would like to come here.

 

That is an open we cannot admit everyone who would like to come here. That is an open border policy and the American people have rightly rejected it.

Therefore, the nation must set and enforce a limit on how many immigrants we admit each year and that means all can not be accepted.

This does not mean they are bad people or that our nation disrespects or demeans them in any way. It means we are properly enforcing our laws as Congress has passed them.”

  • *SESSIONS: DACA PROGRAM WILL BE WOUND DOWN IN ORDERLY FASHION
  • *SESSIONS: CONGRESS WILL HAVE WINDOW TO ACT ON DACA IF IT WANTS

Responses have already started. Some supportive of the decision:

  • *RYAN SAYS OBAMA DREAMER PROGRAM WAS `CLEAR ABUSE’ OF AUTHORITY
  • *RYAN SAYS HOPES TO FIND `PERMANENT’ SOLUTION FOR DREAMERS

Others not so much…

AFL-CIO President Richard Trumka made the following statement on today’s announcement that the Trump administration will terminate the Deferred Action for Childhood Arrivals program:

President Donald Trump’s move to terminate DACA and strip work authorization away from 800,000 productive members of our society is cruel and wrong.

 

Ending DACA will increase the pool of vulnerable workers in our country and embolden employers to retaliate against working men and women who dare to organize on the job or speak out against abusive working conditions. This indefensible act will make our workplaces less fair and less safe and will undermine our freedom to join together and fight to raise wages and standards.

 

This direct attack on union members and union values only strengthens our resolve to overcome racial divisions and demand changes to a system rigged to benefit the wealthiest and corporations. The eyes of history are upon us. The labor movement will stand with these brave young workers and fight for legislation so that the contributions they make are celebrated, rather than assaulted. We will push for a pathway to citizenship and continue to oppose enforcement policies that discriminate and generate fear in our workplaces and communities.

 

We will not give up the struggle until all working people have rights on the job, regardless of where they were born.

*  *  *

As we detailed earlier, with the fate of reportedly 100s of 1000s of DREAMers lieing in the balance, Attorney General Jeff Sessions is set to hold a briefing related to Deferreed Action for Childhood Arrivals (DACA) program this morning.

According to Axios, Sessions will announce the Trump administration is ending DACA, the Obama-era program to shield some illegal immigrants, who arrived in the U.S. as children, from deportation. In an accompanying press release, the Department of Homeland Security’s Acting Secretary, Elaine Duke, will say that no people currently on DACA “will be impacted before March 5, 2018, nearly six months from now, so Congress can have time to deliver on appropriate legislative solutions.” “However,” says Duke, “I want to be clear that no new initial requests or associated applications filed after today will be acted on.”

Sessions will not be taking questions following the briefing, so we will just have to wait for a tweet from the president for any color.

Of course, all eyes wil be on President Obama’s Facebook page as he is expected to be ‘triggered’ by what is likely to be the end of the Obama-era program that grants work permits to illegal immigrants who arrived in this country illegally with their lawbreaking parents or guardians.

Politico reported:

Obama’s current plan is to post a statement on Facebook and link to it on Twitter, where the former president has more than 94 million followers. In his final presidential press availability, he suggested that he would speak out if Trump went after the Dreamers — and that it was one of the few issues where he would feel morally compelled to do so. He said he would not remain silent in the face of “efforts to round up kids who have grown up here and for all practical purposes are American kids, and send them someplace else, when they love this country.”

President Trump campaigned on ending DACA so his base is counting on him keeping this campaign promise.

Axios obtained the DHS press release and revealed its details as per below:

  • According to the DHS release, “yesterday, Attorney General Sessions sent a letter to Acting Secretary Duke articulating his legal determination that DACA ‘was effectuated by the previous administration through executive action, without proper statutory authority and with no established end-date, after Congress’ repeated rejection of proposed legislation that would have accomplished a similar result. Such an open-ended circumvention of immigration laws was an unconstitutional exercise of authority by the Executive Branch.’
  • “The letter further stated that because DACA ‘has the same legal and constitutional defects that the courts recognized as to DAPA, it is likely that potentially imminent litigation would yield similar results with respect to DACA.’
  • “Nevertheless, in light of the administrative complexities associated with ending the program, he recommended that the Department wind down the program in an efficient and orderly fashion, and his office has reviewed the terms on which the Department will do so.
  • “Based on guidance from Attorney General Sessions, and the likely result of potentially imminent litigation, Acting Secretary Elaine Duke today issued a memo formally rescinding the June 15, 2012 memorandum that created DACA, and initiating an orderly wind down of the program.”

 

Live Feed (due to start at 11amET)…

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Precious Metals Bid As Turmoil Returns To Markets Amid Nukes, Tweets, & Debt Ceiling Anxiety

September 5, 2017 Tyler Durden 0

It appears nuclear armageddon, Russian tensions, Trump tweets, debt ceiling anxiety, and ongoing weakness in macro-economic data have finally hit home as Washington gets back to work…

Gold continues to lead as North Korean tensions surge…

 

Dollar is dumping back to North Korea missiles over Japan lows…

 

Bonds are well bid… 10Y Yields at 2017 lows…

 

Precious Metals are surging – wth silver over $18..

 

Stocks are rolling over…

 
Meanwhile, OJ and Cotton futures are both surging on fears that Hurricane Irma threaten crops in southern states. According to Bloomberg, all of Florida’s crop is at risk of moderate to severe damage, with trees already full of fruit, Donald Keeney, meteorologist with MDA Weather Services in Gaithersburg, Maryland, said in a telephone interview.

The Sunshine State is also the biggest U.S. sugar producer. Cane crops there may be knocked down and lose sugar content from heavy rains, Keeney said.

The risk from Irma comes as other cotton areas around the Gulf Coast struggle to recover from flooded fields caused by Hurricane Harvey. Cotton surged 5.5 percent last week after Harvey wreaked havoc to parts of Texas and growing regions around the Mississippi Delta. Cotton crops in parts of Georgia and South Carolina will be at risk of yield losses from Irma, according to MDA.

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Abbas to dismiss 35 Fatah employees

September 5, 2017 Middle East Monitor 0

Palestinian Authority President Mahmoud Abbas is due to dismiss 35 Fatah members and leaders in the occupied West Bank and besieged Gaza Strip on the grounds that they criticised his actions against Gaza, a member of the Fatah Central Committee revealed today. In a statement to Al-Resalah news site, the official said that the upcoming weeks may witness an increase in cuts to the salaries of PA employees in the Gaza Strip due to the financial crisis suffered by the government. He added that Abbas is insisting on continuing his measures against Hamas and “will not back down until the administrative committee is dissolved.” According to the official, no progress has been made in terms of the reconciliation and matters […]

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