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Algerian Former Police Chief Convicted of Money Laundering

Former police chief Abdelghani Hamel (AFP)
Former police chief Abdelghani Hamel (AFP)
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Algerian Former Police Chief Convicted of Money Laundering

Former police chief Abdelghani Hamel (AFP)
Former police chief Abdelghani Hamel (AFP)

Former police chief Major General Abdelghani Hamel was sentenced to four years in prison over money laundering charges.

During the trial in Blida Court, the Public Prosecution charged Hamel with “laundering money that a terrorist organization has benefited from”, and the misuse of police budget funds.

The investigations also revealed that Hamel was linked to extremist groups.

Former Algiers’ police chief Noureddine Berrashdi was also convicted in the same case.

Last May, Algiers’ misdemeanor court sentenced Hamel to 15 years in prison in a corruption case, as prosecutors pursued him on charges, including money laundering and illicit wealth.

Hamel and his family are accused of owning real estate and shops in coastal areas, and his three sons have been sentenced to several years in prison.

Hamel was one of the most prominent figures of the regime of former President Abdelaziz Bouteflika. He has been suggested to succeed Bouteflika who was unfit to rule due to illness.

Meanwhile, the leader of Rally for Culture and Democracy, Mohcine Belabbas, said that the gendarmerie informed him that he was wanted for interrogation on Sunday.

Algiers’ Attorney General issued a statement, stating that the gendarmerie launched an investigation into the death of a Moroccan citizen in a construction site of Belabbas’ house in the southern suburb of the capital.

Investigations have revealed the deceased was working without a permit. Circumstances of his death are still unknown.

The statement also confirmed that the project manager did not obtain the needed building permits, in violation of urban development regulations.

Legally, it is not possible to pursue Belabbas given his parliamentary immunity, but the Justice Minister can lift it if the prosecution proved he committed a crime.

Observers believe that Belabbas’ issues with the authorities began after he described the presidential elections which Abdelmajid Tebboune won, as a “coup”.

The Interior Ministry sent a letter to the Rally warning it against hosting periodic meetings of Democratic Alternative Forces, formed of five opposition parties, which is deemed illegal by the authorities.

Belabbas issued a statement saying the Ministry was asking the Rally to abandon its political activities, warning that it could dissolve the party otherwise. He claimed the correspondence was leaked by the Interior Ministry through the media arms of the "political police."

The government’s warnings are considered a violation of the constitution and the laws that rule political activity of any legitimate party, added Belabbas.

He added that Rally for Culture and Democracy is first and foremost an intellectual movement and a community project that thousands of Algerians believe in.

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Entertainment

Rolling Stones to Rock New Orleans Jazz Fest After 2 Previous Tries 

Mick Jagger of The Rolling Stones performs during the first night of the US leg of their "Hackney Diamonds" tour on Sunday, April 28, 2024, (AP)
Mick Jagger of The Rolling Stones performs during the first night of the US leg of their "Hackney Diamonds" tour on Sunday, April 28, 2024, (AP)
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Rolling Stones to Rock New Orleans Jazz Fest After 2 Previous Tries 

Mick Jagger of The Rolling Stones performs during the first night of the US leg of their "Hackney Diamonds" tour on Sunday, April 28, 2024, (AP)
Mick Jagger of The Rolling Stones performs during the first night of the US leg of their "Hackney Diamonds" tour on Sunday, April 28, 2024, (AP)

The New Orleans Jazz & Heritage Festival is usually akin to a 14-ring musical circus — a variety of musical acts playing simultaneously on stages spread throughout the sprawling infield of a historic horse racing track.

That changes Thursday afternoon, when 13 stages go silent before The Rolling Stones make their first appearance at the 54-year-old festival.

“We didn’t want to have 13 empty stages and no people in front of them when the Stones start singing favorites like ‘(I Can’t Get No) Satisfaction’ and ‘Jumpin’ Jack Flash,’” festival producer Quint Davis told The Associated Press ahead of the festival. “Everyone who bought a ticket for that day primarily bought one to see The Stones.”

Jazz Fest is the second stop for the Stones on their Hackney Diamonds tour, launched in support of the well-received album they released last year, their first album of original material in 18 years.

They had been scheduled to appear at the 50th Jazz Fest in 2019 but had to cancel because of Mick Jagger's heart surgery. A subsequent planned appearance was scrubbed in 2021 when the festival was canceled because of the COVID-19 pandemic.

Fans of New Orleans rhythm and blues artists will be watching to see if the legendary group performs “Time Is On My Side,” which was an early hit for the band. New Orleans soul queen Irma Thomas had success with the song in an earlier recording, and Thomas told WVUE-TV in an interview that “there's a possibility” she might perform it with the band.

Thursday's weather for the outdoor festival is a little sketchy. Forecasts show a mostly cloudy skyline, with temperatures in the mid-80s (around 30 Celsius), but there's up to a 40% chance of rain in the afternoon.

Dumpstaphunk, a funk-fusion band born in New Orleans with descendants from the city's well-known Neville family, plays just before the Stones hit the festival's largest stage. Dumpstaphunk is mourning the recent death of bassist Nick Daniels III, a co-founder of the group who died Sunday. A cause of death has not been released.

Technology

Nvidia Supplier SK Hynix Says HBM Chips Almost Sold Out for 2025 

Employees walk past identification systems bearing the logos of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. (Reuters) 
Employees walk past identification systems bearing the logos of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. (Reuters) 
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Nvidia Supplier SK Hynix Says HBM Chips Almost Sold Out for 2025 

Employees walk past identification systems bearing the logos of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. (Reuters) 
Employees walk past identification systems bearing the logos of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. (Reuters) 

South Korea's SK Hynix said on Thursday that its high-bandwidth memory (HBM) chips used in AI chipsets were sold out for this year and almost sold out for 2025 as businesses aggressively expand artificial intelligence services.

The Nvidia supplier and the world's second-largest memory chipmaker will begin sending samples of its latest HBM chip, called the 12-layer HBM3E, in May and begin mass producing them in the third quarter.

"The HBM market is expected to continue to grow as data and (AI) model sizes increase," Chief Executive Officer Kwak Noh-Jung told a news conference. "Annual demand growth is expected to be about 60% in the mid-to long-term."

SK Hynix which competes with US rival Micron and domestic behemoth Samsung Electronics in HBM was until March the sole supplier of HBM chips to Nvidia, according to analysts who add that major AI chip purchasers are keen to diversify their suppliers to better maintain operating margins. Nvidia commands some 80% of the AI chip market.

Micron has also said its HBM chips were sold out for 2024 and that the majority of its 2025 supply was already allocated. It plans to provide samples for its 12-layer HBM3E chips to customers in March.

"As AI functions and performance are being upgraded faster than expected, customer demand for ultra-high-performance chips such as the 12-layer chips appear to be increasing faster than for 8-layer HBM3Es," said Jeff Kim, head of research at KB Securities.

Samsung Electronics, which plans to produce its HBM3E 12-layer chips in the second quarter, said this week that this year's shipments of HBM chips are expected to increase more than three-fold and it has completed supply discussions with customers. It did not elaborate further.

Last month, SK Hynix announced a $3.87 billion plan to build an advanced chip packaging plant in the US state of Indiana with an HBM chip line and a 5.3 trillion won ($3.9 billion) investment in a new DRAM chip factory at home with a focus on HBMs.

Kwak said investment in HBM differed from past patterns in the memory chip industry in that capacity is being increased after making certain of demand first.

By 2028, the portion of chips made for AI, such as HBM and high-capacity DRAM modules, is expected to account for 61% of all memory volume in terms of value from about 5% in 2023, SK Hynix's head of AI infrastructure Justin Kim said.

Last week, SK Hynix said in a post-earnings conference call that there may be a shortage of regular memory chips for smartphones, personal computers and network servers by the year's end if demand for tech devices exceeds expectations.

World

Hundreds of Pro-Palestinian Protesters Remain on UCLA Campus despite Police Ordering them to Leave

Students continue to protest at an encampment supporting Palestinians on the Columbia University campus, during the ongoing conflict between Israel and the Palestinian group Hamas, in New York City, US, April 25, 2024. (Reuters)
Students continue to protest at an encampment supporting Palestinians on the Columbia University campus, during the ongoing conflict between Israel and the Palestinian group Hamas, in New York City, US, April 25, 2024. (Reuters)
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Hundreds of Pro-Palestinian Protesters Remain on UCLA Campus despite Police Ordering them to Leave

Students continue to protest at an encampment supporting Palestinians on the Columbia University campus, during the ongoing conflict between Israel and the Palestinian group Hamas, in New York City, US, April 25, 2024. (Reuters)
Students continue to protest at an encampment supporting Palestinians on the Columbia University campus, during the ongoing conflict between Israel and the Palestinian group Hamas, in New York City, US, April 25, 2024. (Reuters)

Hundreds of pro-Palestinian protesters Thursday remained behind barricades on the UCLA campus despite police orders to leave as officers were poised to move in on their fortified encampment that was ringed by an even larger crowd, including supporters who locked arms and curious onlookers.
Huge numbers of police began arriving late in the afternoon Wednesday, and empty buses were parked near the University of California, Los Angeles to take away protesters who don't comply with the order. The tense standoff came one night after violence instigated by counter-protesters erupted in the same place.
A small city sprang up inside the barricaded encampment, full of hundreds of people and tents on the campus quad. Some protesters said Muslim prayers as the sun set over the campus, while others chanted “we’re not leaving” or passed out goggles and surgical masks. They wore helmets and headscarves, and discussed the best ways to handle pepper spray or tear gas as someone sang over a megaphone.
A few constructed homemade shields out of plywood in case they clashed with police forming skirmish lines elsewhere on the campus. “For rubber bullets, who wants a shield?" a protester called out.
Meanwhile, a large crowd of students, alumni and neighbors gathered on campus steps outside the tents, sitting as they listened and applauded various speakers and joined in pro-Palestinian chants. A group of students holding signs and wearing T-shirts in support of Israel and Jewish people demonstrated nearby.
The crowd continued to grow as the night wore on as more and more officers poured onto campus.
The law enforcement presence and continued warnings stood in contrast to the scene that unfolded the night before, when counter-demonstrators attacked the pro-Palestinian encampment, throwing traffic cones, releasing pepper spray and tearing down barriers. Fighting continued for several hours before police stepped in, though no arrests were made. At least 15 protesters suffered injuries, and the tepid response by authorities drew criticism from political leaders as well as Muslim students and advocacy groups.
Ray Wiliani, who lives nearby, said he came to UCLA on Wednesday evening to support the pro-Palestinian demonstrators.
“We need to take a stand for it,” he said. “Enough is enough.”
Elsewhere, police in New Hampshire made arrests and took down tents at Dartmouth College and officers in Oregon came onto the campus at Portland State University as school officials sought to end the occupation of the library that started Monday.
The chaotic scenes at UCLA came just hours after New York police burst into a building occupied by anti-war protesters at Columbia University on Tuesday night, breaking up a demonstration that had paralyzed the school.
An Associated Press tally counted at least 38 times since April 18 where arrests were made at campus protests across the U.S. More than 1,600 people have been arrested at 30 schools.
UCLA Chancellor Gene Block said in a statement that “a group of instigators” perpetrated the previous night's attack, but he did not provide details about the crowd or why the administration and school police did not act sooner.
“However one feels about the encampment, this attack on our students, faculty and community members was utterly unacceptable,” he said. “It has shaken our campus to its core.”
Block promised a review of the night's events after California Gov. Gavin Newsom denounced the delays.
The head of the University of California system, Michael Drake, ordered an “independent review of the university’s planning, its actions and the response by law enforcement.”
“The community needs to feel the police are protecting them, not enabling others to harm them,” Rebecca Husaini, chief of staff for the Muslim Public Affairs Council, said in a news conference on the Los Angeles campus later Wednesday, where some Muslim students detailed the overnight events.
Speakers disputed the university’s account that 15 people were injured and one hospitalized, saying the number of people taken to the hospital was higher. One student described needing to go to the hospital after being hit in the head by an object wielded by counter-protesters.
Several students who spoke during the news conference said they had to rely on each other, not the police, for support as they were attacked, and that many in the pro-Palestinian encampment remained peaceful and did not engage with counter-protesters. UCLA canceled classes Wednesday.
Tent encampments of protesters calling on universities to stop doing business with Israel or companies they say support the war in Gaza have spread across campuses nationwide in a student movement unlike any other this century. The ensuing police crackdowns echoed actions decades ago against a much larger protest movement protesting the Vietnam War.
In Madison, a scrum broke out early Wednesday after police with shields removed all but one tent and shoved protesters. Four officers were injured, including a state trooper who was hit in the head with a skateboard, authorities said. Four were charged with battering law enforcement.
This is all playing out in an election year in the US, raising questions about whether young voters — who are critical for Democrats — will back President Joe Biden's reelection effort, given his staunch support of Israel.
In rare instances, university officials and protest leaders struck agreements to restrict the disruption to campus life and upcoming commencement ceremonies.
At Brown University in Rhode Island, administrators agreed to consider a vote to divest from Israel in October — apparently the first US college to agree to such a demand.
The nationwide campus demonstrations began at Columbia on April 17 to protest Israel’s offensive in Gaza, which followed Hamas launching a deadly attack on southern Israel on Oct. 7. Hamas killed about 1,200 people, most of them civilians, and took roughly 250 hostages. Vowing to stamp out Hamas, Israel has killed more than 34,000 Palestinians in the Gaza Strip, according to the Health Ministry there.
Israel and its supporters have branded the university protests antisemitic, while Israel’s critics say it uses those allegations to silence opposition. Organizers of the protests, some of whom are Jewish, say it is a peaceful movement aimed at defending Palestinian rights and protesting the war.
Meanwhile, protest encampments elsewhere were cleared by the police, resulting in arrests, or closed up voluntarily at schools across the US, including The City College of New York, Fordham University in New York, Portland State in Oregon, Northern Arizona University in Flagstaff, Arizona and Tulane University in New Orleans.

Fashion

Hugo Boss Beats Q1 Operating Profit Expectations 

The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)
The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)
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Hugo Boss Beats Q1 Operating Profit Expectations 

The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)
The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. (Reuters)

Hugo Boss' first-quarter operating profit on Thursday beat expectations despite further investment into the business helped by efficiencies and improving costs.

Earnings before interest and taxes rose 6% to 69 million euros ($74 million), slightly above the 65 million in a company-provided poll of analysts.

Efficiency gains in sourcing as well as more favorable product and freight costs offset promotion costs and negative currency effects, the company said.

Quarterly group sales rose 5% to 1.01 billion euros.

Brand and product initiatives including the launch of the latest spring/summer 2024 collection drove growth for its BOSS and HUGO brands in the quarter, the company said.

Varieties

Greek Summer Wildfire Threat Nears, Outpacing Plans to Contain it 

A firefighter sprays water on smoke grenades during a disaster risk training exercise to effectively deal with wildfires, in Athens, Greece, April 4, 2024. (Reuters)
A firefighter sprays water on smoke grenades during a disaster risk training exercise to effectively deal with wildfires, in Athens, Greece, April 4, 2024. (Reuters)
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Greek Summer Wildfire Threat Nears, Outpacing Plans to Contain it 

A firefighter sprays water on smoke grenades during a disaster risk training exercise to effectively deal with wildfires, in Athens, Greece, April 4, 2024. (Reuters)
A firefighter sprays water on smoke grenades during a disaster risk training exercise to effectively deal with wildfires, in Athens, Greece, April 4, 2024. (Reuters)

When firefighters arrived at a blaze in a pine forest on the Greek island of Rhodes last July, flames were already leaping above the trees into the night sky. The volunteers needed to act fast, but dense vegetation on the forest floor blocked access.

With crews unable to get close, the fire spread and within days had engulfed the Mediterranean island, forcing 19,000 people to flee - one of the biggest disaster evacuations in Greece's history.

"Have you ever tried walking through a forest that has not been cleared for more than 10 years? It's so difficult," said firefighter Nikos Karpathakis, who was at the scene.

As another summer approaches, and as climate change makes wildfires ever more deadly across southern Europe, Greece has developed a new doctrine to contain the damage, including deploying an extra fire truck to each new blaze, speeding up air support and clearing forests.

But five firefighters and three experts said the initiative doesn't address shortfalls in planning and prevention and more devastation awaits.

"We are clinging to a doctrine which insists on fire suppression instead of adopting an integrated fire management strategy," said Theodore Giannaros, a fire meteorologist at the National Observatory of Athens.

Heat waves triggered wildfires across swathes of Portugal, France, Spain and Italy last year and caused dozens of deaths.

The situation is especially dire in Greece, which has just recorded its warmest winter on record, creating ideal conditions for fires that threaten crops, homes and the booming tourism industry.

Last August, a fire in the northern Evros region destroyed an area larger than New York City and killed at least 20 people - the deadliest European blaze of 2023. Fires this year have begun earlier than expected, including one in March in a mountainous area normally blanketed by snow.

"It will be a very tough wildfire season. Climate change is here," Vassilis Kikilias, Minister for Climate Crisis and Civil Protection, told Reuters.

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Greece has made strides to combat fires, including building firebreaks around power poles in forested areas and stepping up training.

Some 700 additional forest rangers were hired this year. Crews have cleared 12,000 hectares of forest since 2022 and another 7,000 hectares will be completed by the end of May, the environment ministry said.

"For the first time in 50 years, we're stepping into forests and building firebreak zones," Kikilias said. "Certainly, it won't be done at once throughout Greece but it's a good start."

Under a 2.1 billion euro ($2.25 billion) plan, Greece has concluded tenders for more than 1,000 fire engines and seven DHC-515 aircraft, and plans to install sensors to detect smoke.

Experts worry it won't be enough.

The cleared forests make up only a tiny fraction of the nearly 7.5 million hectares of Greek woodland. Some of the tendered trucks and aircraft will not be delivered for years.

They said more money should be spent creating a corps of wildfire specialists who can draft risk maps and analyze how fires are likely to spread. They recommended embracing firefighting methods used in other parts of the world, such as "backfiring", where firefighters light new fires in the path of existing ones to starve them of fuel.

Volunteer firefighter Karpathakis is haunted by last summer. He said crews laid down 2 km of hoses to get closer to the Rhodes fire. It was too late. Gale force winds blew the blaze beyond their reach.

"I worked non-stop for so many days but the situation didn't get any better."

Fashion

Pandora Raises Revenue Forecast as US Sales Sparkle 

People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)
People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)
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Pandora Raises Revenue Forecast as US Sales Sparkle 

People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)
People pass a shop of the Danish jewellery maker Pandora in central Copenhagen, Denmark February 6, 2024. (Reuters)

Pandora, the world's largest jewellery maker, raised its full-year revenue guidance on Thursday after beating first quarter sales and profit forecasts as it won market share in the United States, its biggest market.

The Danish company's shares jumped 5% in early trading.

Pandora has invested heavily in marketing, store openings, and broadening its range of rings, necklaces, and lab-grown diamonds, though its charm bracelets ranging from $60 to more than $2,000 still make up around 60-70% of sales.

Sales jumped 11% in the first quarter to 6.8 billion Danish crowns ($977.8 million), including a 9% increase in the United States, where the brand is gaining market share even as overall demand for jewellery has weakened.

"The reason we are gaining share fundamentally is because we keep investing in this brand," CEO Alexander Lacik told Reuters in an interview. "Even when there is a shrinking pie, you will find winners and losers."

Operating profit rose to 1.51 billion crowns from 1.26 billion a year earlier, compared with 1.32 billion expected by analysts polled by the company.

Pandora now expects organic revenue growth of 8%-10% this year, compared with 6%-9% previously. It kept its operating margin guidance at around 25%.

Charm bracelets, a staple of 90s fashion, have enjoyed a renaissance, trending on social media platforms like TikTok.

Lacik said social media contributed to Pandora's growth but was not the underlying driver.

"This is a result of the overarching program that Pandora has been working on for many years now, and I think maybe we've hit a sweet spot with the type of audience that we're trying to serve," Lacik said.

In North America, Pandora's expansion into lab-grown diamond jewellery piqued shoppers' interest and increased their demand for the whole range of Pandora products, the company said.

China was a weak spot with sales down 17% in like-for-like terms, which Pandora blamed on a challenging market as it works to relaunch the brand there.

World

Colombia to Break Diplomatic Relations with Israel, President Petro Says 

Colombia's President Gustavo Petro delivers a speech during a May Day (Labor Day) rally in Bogota on May 1, 2024. (AFP)
Colombia's President Gustavo Petro delivers a speech during a May Day (Labor Day) rally in Bogota on May 1, 2024. (AFP)
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Colombia to Break Diplomatic Relations with Israel, President Petro Says 

Colombia's President Gustavo Petro delivers a speech during a May Day (Labor Day) rally in Bogota on May 1, 2024. (AFP)
Colombia's President Gustavo Petro delivers a speech during a May Day (Labor Day) rally in Bogota on May 1, 2024. (AFP)

Colombian President Gustavo Petro said on Wednesday he will break diplomatic relations with Israel over its actions in Gaza.

Petro has already heavily criticized Israeli Prime Minister Benjamin Netanyahu and requested to join South Africa's case accusing Israel of genocide at the International Court of Justice.

"Here in front of you, the government of change, of the president of the republic announces that tomorrow we will break diplomatic relations with the state of Israel ... for having a government, for having a president who is genocidal," Petro told cheering crowds in Bogota who marched to mark International Worker's Day and back Petro's social and economic reforms.

Countries cannot be passive in the face of events in Gaza, he added.

Israeli Foreign Minister Israel Katz accused Petro of being "antisemitic and full of hate".

He said Petro's move was a reward to the armed group Hamas, which on Oct. 7 led a deadly attack on Israeli military bases and communities.

Bolivia broke with relations with Israel at the end of October last year while several other countries in Latin America, including Colombia, Chile and Honduras, have recalled their ambassadors.

Business

Oil Prices Rebound on Hopes US Will Replenish Strategic Reserve

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
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Oil Prices Rebound on Hopes US Will Replenish Strategic Reserve

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)

Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the US, the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices.
Still, prices fell more than 3% on Wednesday to a seven-week after the US Federal Reserve kept interest rates steady, which may curtail economic growth this year and limit oil demand increases, Reuters reported.
Crude was also pressured by an unexpected increase in US crude inventories and signs of an impending Israel-Hamas ceasefire that would ease Middle East supply concerns.
Brent crude futures for July gained 58 cents, or 0.7%, to $84.02 a barrel by 0633 GMT on Thursday. US West Texas Intermediate (WTI) crude for June climbed 53 cents, or 0.7%, to $79.53 a barrel.
"The oil market was supported by speculation that if WTI falls below $79, the US will move to build up its strategic reserves," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
The US has said it aims to replenish the Strategic Petroleum Reserve (SPR) after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less.
In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight following a renewed push led by Egypt.
Still, Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on the southern Gaza city of Rafah despite the US position and a UN warning that it would lead to "tragedy".
"As the impact of the US crude stock-build and the Fed signaling higher-for-longer rates is close to being fully baked in, attention will turn towards the outcome of the Gaza talks," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
"As long as the latest bout of optimism over a ceasefire sustains, I expect a continued downside bias in crude," Hari added.
The US Energy Information Administration (EIA) said crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.
Crude stocks were at the highest point since June, the EIA said.
The US Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings.
Any delay in rate cuts could slow economic growth and dampen demand for oil.
Still, continuing supply reductions by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will support prices.
Analysts at Citi Research expects OPEC+ to hold output cuts through the second half of the year as it meets on June 1.
However, "if prices move to a bull case $90-100+ range, OPEC+ would likely ease cuts, providing a soft ceiling for oil," they said in a note.

Business

Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)
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Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)

The mining sector in Saudi Arabia is witnessing growth and development with more investment opportunities expected to be proposed in 2024.

Six locations will be the targets of the fifth round of exploration. They include gold, copper and zinc and span an area of 940 square kms.

Assistant Deputy Minister for Mining Enablement at the Ministry of Industry and Mineral Resources Abdulrahman AlBelushi told Asharq Al-Awsat that the ministry has granted over 500 exploration licenses.

Exploration has witnessed a qualitative leap and it is reaching new heights year after year, he added. This has paved the way for the development of new mines.

The development can all be credited to the amendment of the mining investment regulation, he stated.

Saudi Arabia’s mining wealth is estimated at SAR9.6 trillion (USD2.5 trillion), he went on to say.

He underscored the importance of the optimal exploitation of this wealth so that it can become part of national industries and so that its products can help grow industrial cities in target areas such as cars and planes.

On the Arabian Shield region, AlBelushi said the Saudi Geological Survey has carried out extensive work in the area, using various geophysical and geochemical tools.

Work is underway to develop accurate maps of this work, he revealed.

Saudi Arabia boasts massive mineral wealth, and it will be explored through every mean possible, he stressed.

Saudi Arabia has sought to develop the mining sector in recent years. It launched the largest and most modern geological survey in the world, covering an area of 600,000 kms of the Arabian Shield.

Varieties

Unique Venues Heat Up Sauna Scene in Sweden and Finland

In Sweden and Finland, some unusual saunas have been built in recent years. Jonathan NACKSTRAND / AFP
In Sweden and Finland, some unusual saunas have been built in recent years. Jonathan NACKSTRAND / AFP
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Unique Venues Heat Up Sauna Scene in Sweden and Finland

In Sweden and Finland, some unusual saunas have been built in recent years. Jonathan NACKSTRAND / AFP
In Sweden and Finland, some unusual saunas have been built in recent years. Jonathan NACKSTRAND / AFP

Deep underground in a disused iron mine and under the bluish glow of a flashlight, a small crowd emerges from a sauna, steam rising off their bodies as they plunge into a crystal clear turquoise lake.
In Sweden and Finland, some unusual saunas have been built in recent years, offering truly singular experiences.
Nestled in the snowy forests of Bergslagen in central Sweden, hidden 90 meters (almost 300 feet) below ground in this region known for its mines, lies this very special sauna, AFP reported.
The old iron mine in the town of Borlange closed in 1968 before reopening in 2022, redesigned to welcome visitors looking for a unique -- and sweaty -- experience, Daniel Karlsson, the head of Adventure Mine, told AFP.
"If you look at saunas today, it's more like a luxury experience," he said.
But "down here it's not just a sauna. It's also the experience that you get with nature," he said, clad in a thick red parka to protect from the cold and a helmet with a headlamp.
The space offers visitors a moment of respite from the busy, connected world above.
"Because the sauna is down in the mine, there is nothing that disturbs you from enjoying the sauna."
"You don't have mobile phones, you don't have the sun, you don't have the wind," he said.
Heat on a high
Saunas are enjoyed around the world as a method of relaxation, claimed by some to provide health benefits.
They originated in Finland and Estonia, typically built as small wooden cabins where dry heat up to 100 degrees Celsius (212 F) with very low humidity is produced from a stove or hot rocks.
Having a sauna has been a social and hygiene tradition for more than 2,000 years.
Now, sauna enthusiasts who want to expand their horizons can reach new heights in Helsinki.
In the Finnish capital, a giant ferris wheel overlooking the city offers a sauna in one of its specially-built pods.
The sweat session could easily burn a hole in your wallet though, costing between 240 and 350 euros ($255 to $375).
"You can get a pretty good steam and heat here if you really want to," said shift manager Viivi Makelainen.
"Although it's pretty small, you can fit quite a few people in here, four or five. Also the views are more fun when you're in the sauna."
Saunas are an integral part of daily life for most Finns.
The country of 5.5 million inhabitants is home to 3.3 million saunas.
Traditionally considered a sacred space in Finland, 'a church of nature', the Finnish sauna culture was named a UNESCO Intangible Cultural Heritage of Humanity in 2020.
'Intimacy with the surroundings'
Saunas in the Nordic countries are typically small wooden cabins located near the shore (for a quick dip), deep in the forest (for a quick roll in the snow) or in a home (with a quick shower to refresh).
But one special sauna in the Stockholm archipelago is making waves -- sailing on the waters of the capital city.
The "Big Branzino", a luxury floating sauna measuring 30 square meters (322 square feet), was designed and built in 2022 at the request of a private person.
The structure resembles a square wooden cabin, featuring floor-to-ceiling glass windows and an open-air wheelhouse on the deck.
Inside, a custom-made wood stove with hot rocks is surrounded by wooden benches and chairs, while outside, a rooftop terrace features a large table and seating area to take in the view.
"A client came to the firm and he wanted a truly extraordinary sauna that he hadn't seen before," architect Johan Strandlund told AFP.
"So we came up with this shape in order to really maximize the intimacy with its surroundings, and we also wanted a truly breathtaking presence on the horizon," he said.
Strandlund said the floating sauna appealed to nature- and sauna-loving Swedes.
"I think it's the way that we really like to enjoy the beautiful nature that we have around here in Stockholm."
And "even when you're not using the sauna, the fire is a great source of heat, for example for cold summer nights."