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US stocks rally as oil price retreats from recent high

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US stocks rally as oil price retreats from recent high

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Global stocks rose on Thursday, helped by a drop in oil prices ahead of highly-anticipated US and eurozone inflation data.

Brent crude fell 0.8 per cent to trade at $95.78 per barrel, having earlier risen above $97 a barrel to its highest level since November. US marker West Texas Intermediate lost 1.1 per cent to $92.60.

Wall Street’s benchmark S&P 500 gained 0.8 per cent, while the technology-focused Nasdaq Composite rose 1.1 per cent in choppy trading in New York.

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The price of Brent crude had been heading towards $100 a barrel in recent weeks on concerns over global supply, which were stoked on Wednesday after a weekly US government report indicated that stockpiles at a critical delivery hub fell further.

Crude prices have risen 35 per cent since June after some of the world’s biggest producers announced a series of supply cuts to last until the end of this year, adding to investors’ concerns over persistent inflation.

“The biggest question mark for the inflation outlook is the evolution of fuel prices,” said Wouter Thierie, an analyst at ING.

“The danger . . . is that if oil prices stay high for longer, companies will increasingly pass on these higher fuel prices, causing it to trickle down to core inflation again.”

Europe’s region-wide Stoxx Europe 600 index closed up 0.4 per cent, ending a five-day losing streak. France’s Cac 40 advanced 0.6 per cent and Germany’s Dax gained 0.7 per cent.

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Despite the pullback in the oil price late on Thursday, recent gains have hit the bond market.

Yields on 10-year UK gilts were up 0.13 percentage points at 4.48 per cent on Thursday. Bond yields rise when prices fall.

Yields on the 10-year German Bund, a regional benchmark in Europe, rose 0.1 percentage points to 2.94 per cent, having hit their highest level since 2011.

The euro advanced 0.5 per cent to trade at $1.0575, edging up from a nine-month low.

Investors are turning their attention to US inflation figures due out on Friday, which are expected to show that the annual rate of consumer price growth rose to 5.3 per cent in August, up from 3.3 per cent in the previous month.

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German data on Thursday showed the rate slowed to 4.3 per cent year on year in September, down from 6.4 per cent in the previous month and below analysts’ forecasts of 4.5 per cent. Inflation figures from Spain also came in below expectations. Eurozone inflation data is also due to be published on Friday.

The European Central Bank at its last meeting raised interest rates to an all-time high of 4 per cent and signalled that its historic campaign had probably drawn to a close, unless surprises in the price data push policymakers towards further action.

“Today’s and tomorrow’s inflation figures are likely to be scrutinised by a data-dependent ECB and play a central role in the next interest rate announcement in October,” said Pia Fromlet, euro area economist at SEB.

In Asia, Hong Kong’s Hang Seng index gave up 1.4 per cent, hitting its weakest level in 10 months, while China’s benchmark CSI 300 lost 0.3 per cent. Japan’s Topix was down 1.4 per cent.

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U.S. v. Gupta Indictment

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U.S. v. Gupta Indictment

example, on or about June 9, 2023, GUPTA told the CS during a call that the murder of the Victim would change the UC’s life because “we will give more bigger job more, more job every month, every month 2-3 job.”

26. On or about June 12, 2023, on a call with the CS, GUPTA stated that there was a “big target” in Canada. A few days later, on or about June 14, 2023, GUPTA messaged the CS that “we will be needing one good team in Canada also, [t]omorrow I will share you the details.” The following day, on or about June 15, 2023, GUPTA advised the CS by phone that GUPTA was still “waiting [for] the details” about the Canadian target. On or about June 16, 2023, on another call with the CS, GUPTA told the CS that “we are doing their job, brother. We are doing their New York [and] Canada [job],” referring to the individuals directing the targeting plots from India. Nijjar Is Murdered in Canada, and CC-1 and GUPTA Accelerate the Plan to Kill the Victim in New York City

27. On or about June 18, 2023, masked gunmen shot and killed Nijjar, an associate of the Victim and another leader of the Sikh separatist movement, outside a Sikh temple in Canada. Later that evening, CC-1 sent GUPTA a video clip showing Nijjar’s bloody body slumped in his vehicle. GUPTA replied that he wished he had personally conducted the killing and asked CC-1 for permission to “go to the field.” CC-1 responded that “secrecy [is] important,” and “[i]t’s better you do not get involved in action.” Approximately one hour later, CC-1 sent GUPTA the street address of the Victim’s residence in New York City.

28. GUPTA forwarded the video clip showing Nijjar’s bloody body to the CS and the UC minutes after receiving it from CC-1. Soon after, on or about June 19, 2023, GUPTA spoke with the UC by audio call, and GUPTA told the UC that Nijjar “was also the target” but that Nijjar was “#4, #3” on the list, and “not to worry [because] we have so many targets, we have so many targets. But the good news is this, the good news is this: now no need to wait.” Separately, GUPTA

10

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Google agrees to pay C$100mn a year for news in Canada

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Google agrees to pay C$100mn a year for news in Canada

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Google has agreed to pay C$100mn a year into a fund to support news organisations in Canada as part of a deal with the government, ending a dispute that led it to threaten to cut links to news from its services.

The pact ends a six-month stand-off following the passage of an online news law designed to funnel some of the cash that Google and Meta, the parent of Facebook and Instagram, make from online advertising to bolster the finances of news organisations. The dispute blew up into the biggest conflict between the internet giants and a national government over news subsidies since Australia became the first country to pass a law on the issue in 2021.

Meta suspended links to news stories in Canada earlier this year in protest at the law, and Google threatened to follow suit when the law goes into effect in mid-December unless the government diluted the impact of the legislation.

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The search giant dug its heels in against being forced to pay for news links in its services, which it feared would set a precedent that could be applied to other types of online links. Rather than hurting the news companies, the internet giants have always claimed that their links deliver valuable traffic to news sites, with Google claiming its news links are worth C$250mn a year to Canadian publishers.

However, Canada’s Online News Act was explicitly aimed at bringing what it called greater “fairness” to payment for online news following a huge shift in the online advertising market to Google and Meta. 

Google also objected that the Canadian law would leave it with open-ended financial liability, since it would be forced to negotiate with each publisher individually and would face an arbitration process the company believed would be stacked against it.

In a compromise announced on Wednesday, Pascale St-Onge, minister of Canadian heritage, said that the agreement would “benefit the news sector and allow Google to continue to play an important role in giving Canadians access to reliable news content”. Google’s payments would be made to a collective fund, she added, ending the need to negotiate with each publisher separately.

Canadian officials estimated earlier this year that the act would require Google to pay C$172mn to publishers. It was unclear on Wednesday whether the final regulations under the act, which are due to be released before it goes into force on December 19, would still amount to Google paying for carrying links — something the company has strongly objected to.

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Meta indicated that the deal with Google would make no difference to its decision to block news links in Canada. “Unlike search engines, we do not proactively pull news from the internet to place in our users’ feeds and we have long been clear that the only way we can reasonably comply with the Online News Act is by ending news availability for people in Canada,” it said.

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Potential tornadoes and damaging storms to target Texas, including Houston area | CNN

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Potential tornadoes and damaging storms to target Texas, including Houston area | CNN



CNN
 — 

Another tornado threat will take aim at the southern US on Thursday, less than two weeks after at least a dozen tornadoes hit Louisiana and Mississippi.

This time, the tornado threat will center on Texas as a storm system begins to take shape in the southern Plains.

Severe thunderstorms are expected to rumble to life late Thursday morning across Texas and Oklahoma and track east into portions of Louisiana and Arkansas.

The greatest risk of tornadoes will be primarily in southeastern Texas – including parts of the Houston metro area – from late Thursday morning through mid-afternoon. An enhanced risk, or Level 3 of 5, for severe storms is in place for the area on Thursday, according to the Storm Prediction Center.

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Storms in portions of southwestern Louisiana could also produce a tornado or two Thursday afternoon.

In addition to tornadoes, any severe thunderstorm on Thursday could produce hail, damaging wind gusts up to 60 mph and heavy rainfall.

The severe storm threat will linger into Thursday night in Louisiana as the storm system begins to track generally from the Plains into the Mississippi Valley.

Rain will fall across an expansive part of the Mississippi Valley, Midwest and Southeast as the storm pushes north and eastward Thursday night into Friday.

This rain is desperately-needed in the Lower Mississippi Valley, especially in Louisiana and Mississippi, which are battling some of the worst drought in the US.

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Louisiana is suffering through its worst drought on record – one which has fed unprecedented wildfires. Exceptional drought – the US Drought Monitor’s highest level – covers almost three-quarters of the state, according to data released last week. Exceptional drought covers more than a third of Mississippi.

One to 3 inches of rain is expected to fall across the Mississippi Valley on Thursday, and an additional 1 to 2 inches could fall Friday in portions of the Gulf Coast and Southeast.

Additional severe thunderstorms are possible, but much less likely, on Friday from Louisiana to Alabama and the Florida Panhandle. A marginal risk level for severe storms, or a Level 1 out of 5, is in place for the area on Friday.

November marks the start of a secondary severe weather season in the South. The clash between cold, Canadian air drilling into the region and lingering warm, moist air over the Gulf of Mexico typically leads to an uptick in damaging thunderstorms from November to December.

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