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Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’

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Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’

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London-listed shipbroker Braemar closed down 6 per cent on Thursday, the biggest one-day drop in more than a year, after the Financial Times reported its involvement in the sale of nine ageing oil tankers that have joined Russia’s “shadow fleet”.

Braemar’s shares ended the day at 278p, the lowest since May, and were down another 5 per cent to 264 on Friday.

London has been a global centre of the maritime industry for centuries, and Braemar, founded in 1982, is one of the sector’s leading brokers, matching buyers and sellers of vessels in return for a percentage of the purchase price.

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Since the first western restrictions on Russian oil exports were introduced in December 2022, Moscow has assembled a so-called shadow fleet of more than 400 such vessels that are at present moving about 4mn barrels of oil a day beyond the reach of the sanctions and generating billions of dollars a year in additional revenue for its war in Ukraine.

Most of those tankers were bought from western sellers but the use of offshore ownership structures has meant western officials have struggled to identify how the ships were acquired and who owns them now.

The FT reported on Thursday that at least 25 of the vessels in the shadow fleet had been purchased by a British accountant on behalf of Eiger Shipping DMCC, the Dubai-based shipping arm of Lukoil, Russia’s second-largest oil producer. Eiger had financed the acquisitions by paying in advance to charter the vessels, the FT reported.

The accountant’s lawyers, and one other person familiar with the matter, told the FT that Braemar was fully aware the vessels were being acquired for, and financed by, Eiger.

Braemar confirmed it had served as the broker for at least nine of the purchases but declined to comment on its knowledge of Eiger’s involvement.

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“For every transaction that Braemar considers undertaking, it conducts all appropriate due diligence with know-your-customer checks, legal, compliance and regulatory adherence,” it said in a statement. Braemar on Friday said it had no further comment.

It is not alleged that the transactions have broken any laws. Although Lukoil has been under US sanctions since 2014, neither Eiger Shipping DMCC nor its Dubai-based owner Litasco Middle East DMCC, is a sanctions-hit entity. Dubai-based companies are also not required to comply with the west’s restrictions if they do not use G7 financing or services.

However, individuals and companies that have helped to assemble and operate the shadow fleet are increasingly in the crosshairs of western governments. At least seven of the 25 vessels originally acquired by the British accountant have since been hit with sanctions by the UK or EU, as have two companies that previously managed many of the ships.

In a call to action in July, 44 European leaders, including UK Prime Minister Sir Keir Starmer, pledged to target the shadow fleet’s “ships and facilitators” and called for the support of the maritime industry, including ship brokers.

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How a Fox News host’s misleading question about migrant children morphed into a Trump talking point

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How a Fox News host’s misleading question about migrant children morphed into a Trump talking point

Former President Donald J. Trump and his surrogates have repeatedly accused the Biden administration of losing tens of thousands of migrant children, distorting, conflating and inflating government statistics.

The misleading claim, now a staple of Mr. Trump’s stump speeches, appears to have originated from Fox News and snowballed. Its evolution shows Mr. Trump’s penchant for exaggeration as well as his symbiotic relationship with the network.

June 2, 2024

Mr. Trump is interviewed on Fox News.

When the Fox News host Rachel Campos-Duffy told Mr. Trump that the Biden administration had “lost” 80,000 children, Mr. Trump expressed surprise at her ensuing question.

“Will you commit to finding those children?” she asked.

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“I haven’t been asked that question, but the answer is yes. It’s a simple answer,” Mr. Trump responded, adding: “Many of them are dead. They have done such a bad job.”

Ms. Campos-Duffy’s claim referred to migrant children who arrive at the border unaccompanied by adults. Under government protocols, the children, once apprehended by border officials, are placed in the care of the Health and Human Services Department’s refugee resettlement office. The office then releases the children to sponsors, sometimes family members, who undergo a background check. The New York Times reported last year that the office, which checks on the children via phone calls, was unable to reach 85,000 children, or about a third of cases, in 2021 and 2022. The Times did not report that the children were “lost,” but that they were more susceptible to exploitative and illegal working conditions.

June 6, 2024

Days later, Mr. Trump invokes the figure at a town hall in Phoenix.

Railing against President Biden’s border policies, Mr. Trump added once again that many children were now “dead” and “if it were me, it would be the biggest story.”

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In fact, when Mr. Trump was in office, his administration also tried to contact — and was also unable to reach — thousands of migrant children who had left the refugee office’s care. And there is no evidence that thousands of the children died under either Mr. Biden or Mr. Trump.

Under Mr. Trump, the Health and Human Services Department could not reach 19 percent of migrant children (about 1,500) who were placed with sponsors from October to December 2017, or 11.6 percent of children or their sponsors (about 9,200 calls) from August 2018 to December 2020. In comparison, a Biden administration official testified to Congress that 19 percent of the refugee office’s calls to the children or their sponsors went unanswered.

When Democrats accused the Trump administration of “losing” unaccompanied children, the health department said in 2018 that those claims were “completely false” and that sponsors “simply did not respond or could not be reached when this voluntary call was made.”

At the time, a Trump administration official said that there were various reasons sponsors or children might not pick up the phone. They may be hesitant to answer calls from unknown government agents, especially if they have unauthorized status or a fear of traffickers. Sponsors may also simply have different telephone numbers.

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June 7, 2024

Mr. Trump repeats the figure in an interview with Dr. Phil.

“We have 88,000 missing children. Now, can you imagine if that were Trump that had 88,000 missing children? 88,000. That’s a holocaust.”

July 9, 2024

Mr. Trump doubles the number
at a rally in Doral, Fla.

“The Biden-Harris administration has lost track of an estimated 150,000 children, many of whom have undoubtedly been raped, trafficked, killed or horribly abused.”

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Mr. Trump appeared to extrapolate this figure from government data showing that nearly 400,000 children had been placed with sponsors over the past four years. Assuming that the office was still unable to reach a third of them, that is equivalent to about 133,000 children.

Aug. 22, 2024

A month later, Mr. Trump distorts a new government report to inflate the number to 300,000 migrant children.

A report from the Department of Homeland Security’s inspector general provided Mr. Trump with new fodder. The report, released in mid-August, noted that out of some 448,000 unaccompanied migrant children placed into the custody of the refugee office from the 2019 to the 2023 fiscal years, about 32,000 children had failed to appear for their immigration hearings. Another 291,000 did not receive “notices to appear” in immigration court at all.

Again, these children were not “lost,” though the report chided immigration officials by noting that without an ability to monitor the location of the children, they were more susceptible to “trafficking, exploitation or forced labor.” Moreover, about half of that period — the 2019 and 2020 fiscal years, and part of the 2021 fiscal year — was during the Trump administration.

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Aug. 23, 2024

Mr. Trump campaigns in
Glendale, Ariz.

“According to a new D.H.S. report, Kamala Harris also lost, and this is impossible to believe, listen to this, 325,000 migrant children are gone. They’re missing. She allowed them to be trafficked into our country.”

Aug. 30, 2024

Mr. Trump speaks in
Johnstown, Pa.

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By now, the claim, updated with the inflated figure, has become a common refrain for Mr. Trump.

Sept. 13, 2024

Mr. Trump addresses a news conference in Ranchos Palos Verdes, Calif.

“Under this administration, 325,000 migrant children are missing, 325,000. In other words, take your biggest stadium in California and you could fill it up five or six times. Those are all missing children.”

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Sept. 29, 2024

Mr. Trump appears at
a rally in Erie, Pa.

“This is not even possible to believe. 325,000 migrant children are missing, many of whom have been trafficked and raped. As California attorney general, she lost them all.”

Oct. 1, 2024

Senator JD Vance repeats the number at the vice-presidential debate, but adds caveats.

Mr. Vance, Mr. Trump’s vice-presidential pick, advances the talking point on the national stage, though he uses more tempered language in claiming that the children have been “effectively lost.” He does not repeat Mr. Trump’s contention that “many” have died.

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Oct. 6, 2024

Mr. Trump, addressing supporters at a rally in Juneau, Wis., reverts to shorthand to refer to the number.

“She doesn’t mention how bad inflation was, how bad the 325,000 children that we just mention.”

Mr. Trump abbreviates the misleading claim into a simple two-word phrase: “325,000 children.” Like other phrases — “laptop from hell” or “$85 billion in equipment” — the shorthand suggests that his audience is now familiar with his distortions after months of repetition.

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Solar storm unleashes stunning views of auroras across the US: See northern lights photos

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Solar storm unleashes stunning views of auroras across the US: See northern lights photos
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Green and reddish auroras danced across Thursday’s night sky throughout the United States as a powerful solar storm unleashed the northern lights far and wide.

Americans from the northern U.S. and even as far south as Alabama had a chance to witness the striking rays, spirals and flickers, which was amplified when a solar coronal mass ejection of plasma clouds and charged particles drove a geomagnetic storm toward Earth. The storm was so strong that it prompted the National Oceanic and Atmospheric Administration to issue a rare G4 geomagnetic storm watch for the second time this year.

Because of the way the solar particles interact with Earth’s magnetosphere, the powerful eruption made the auroras visible and active even further toward the equator than usual.

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Photographs from across the U.S. captured the dazzling display.

And if you happened to miss it, not to fear: There will be far more opportunities to catch the northern lights soon as the sun continues to reach the height of its 11-year solar cycle.

Peak northern lights activity: What to know about auroras as sun reaches solar maximum

See photos of northern lights

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Eric Lagatta covers breaking and trending news for USA TODAY. Reach him at elagatta@gannett.com

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The left is losing its grip on ethnic minority voters

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The left is losing its grip on ethnic minority voters

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On both sides of the Atlantic, one of the oldest patterns in electoral demographics has started to break down.

The strongest predictor of a swing away from the Labour party in this year’s UK general election was the Muslim share of the electorate, while the Conservatives’ best results came in areas with large Hindu populations. Overall, Labour won less than half of the non-white vote for the first time on record.

In the US, the majority-Hispanic Rio Grande valley swung sharply towards Donald Trump in 2020, Vietnamese Americans in California deserted the Democrats, and majority-Black neighbourhoods in Philadelphia became decidedly less blue. Republicans performed better with non-white voters four years ago than at any time since 1960.

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There is always a danger of over-interpreting upsets, and it should be noted that non-white Britons and Americans as a whole still lean leftward. But countervailing results are becoming steadily less exceptional. More importantly, these examples highlight something that has always been true but often ignored: ethnic minority voters are not a homogenous bloc.

Measuring public opinion among small and hard-to-reach groups is challenging. But this week a groundbreaking new study by the think-tank UK in a Changing Europe and polling company Focaldata did just that, shedding light on the wide range of attitudes and priorities among different minority groups in Britain. It found that they were often closer to the conservative than progressive end of the spectrum.

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To take one example, 22 per cent of ethnic minority Britons say it’s important to them that the government keeps taxes low. This is almost exactly the same as the figure among white Conservative voters, and far higher than the 14 per cent of white Labour voters who hold this view.

Similarly, while 37 per cent of white university-educated Labour voters say the government should take a strong stand on social justice issues, only 25 per cent of minority voters agree, falling to 21 per cent among British Indians — closer to the 14 per cent of white Conservatives who take the same view.

These patterns are consistent with the idea that post-materialist politics have become increasingly common among those who have already reached a comfortable position in society, but those still climbing their way up — ethnic minorities among them — often still have primarily material concerns.

The situation is similar in the US, where the sharp leftward turn among educated white liberals has caused white Democrats to overshoot the minority position on a growing number of issues, including immigration, racism, patriotism and meritocracy.

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Chart showing that White Democrats have become much more liberal on immigration while minorities remain conflicted

White progressive Americans now hold views on these culture questions that are completely out of line with the average Black or Hispanic voter, according to analysis from pollster Echelon Insights.

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To be clear, hardline US conservatives are just as far from minority opinion in the opposite direction. But where, historically, the left was the natural home for non-white Americans, that is growing less obviously the case. In terms of self-reported political ideology, Americans of colour are now roughly equidistant between white progressives and conservatives.

Chart showing that white Democrats once had a similar political ideology to Black and Hispanic Americans, but have since moved left while minorities remained moderate

These shifts are particularly notable in election campaigns in both countries. In the US, Kamala Harris’s tough stance on immigration at the southern border is not a betrayal of the Democrats’ diverse base; it brings her closer to the typical non-white American’s policy preferences.

In the UK, the Conservative party leadership contest between Kemi Badenoch and Robert Jenrick takes on a new significance when framed in the context of these findings. A Tory party focused on economic aspiration and helmed by a British Nigerian could well make inroads into the large population of conservative-aligned minority Britons whose right-leaning values and vote choice have not yet lined up.

Next month’s US election will come down to very fine margins while old party allegiances in the British electorate are breaking down. It has never been more important to understand where public opinion really lies.

Politicians of all stripes would be wise to start listening to what different ethnic minority voters actually want, instead of relying on increasingly erroneous stereotypes or painting highly heterogeneous groups with one broad brush.

john.burn-murdoch@ft.com, @jburnmurdoch

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