Oil Prices Rise As US Debt Default Worries Ebb

Man dies in English Channel after falling from a yacht in French waters

A man has died after falling from his yacht into the English Channel, police have confirmed. 

We’ll be bringing you the very latest updates, pictures and video on this breaking news story.

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Motorcyclist dies in two-vehicle crash in Aurora

A motorcyclist has died in a two-vehicle crash in Aurora.

The crash happened at the intersection of East Smith and Chambers roads, the Aurora Police Department said in a 10:47 a.m. Saturday tweet.

Smith Road is closed between Airport Boulevard and Chambers because of the crash, police said. An investigation is ongoing.

Arturo Moreno Torres, 28, suspect in Aurora shooting death

A suspect has been arrested in connection to a fatal shooting in Aurora.

Arturo Moreno Torres, 28, of Denver, was arrested Friday night on investigation of first-degree murder, according to an Aurora Police Department news release.

The shooting happened May 1 in the 13100 block of East 13th Place, the Hoffman Heights area, according to police. The shooting stemmed from a road rage incident and the suspect and the 28-year-old victim did not know each other prior to the shooting.

Anyone with information on the shooting is asked to call Metro Denver Crime Stoppers at at 720-913-7867 (STOP).


Home Office launches campaign to tackle migrant boats crisis

Pair jailed for trying to smuggle Albanians across Channel

Johnson allies launch new ‘Boris War Room’ to dismantle claims against ex-PM

Allies of Boris Johnson have declared war, setting up a new Twitter account to support the former Prime Minister. 

The anonymous Twitter account is understood to be set up by allies of the former Prime Minister.

Under the username @Boris_WarRoom, the page has been set up to provide “24/7 Rebuttal and Facts”. 

“The official Boris War Room” describes itself as “the account that hits back”, adding: “Let’s do this.”


Two men dead after being pulled from water off coast of Devon in warm weather

Two men in their 20s have died after being pulled from the water off the coast of Torbay, Devon & Cornwall Police said.

More to follow…..

Gold Struggles For Direction In Lackluster Trade

Gold prices were unchanged on Monday and the dollar edged down after U.S. president Joe Biden and House speaker Republican Kevin McCarthy have reached an agreement to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025. The deal is now ready to move to Congress for a vote.

Spot gold was marginally lower at $1,945.28 per ounce, while U.S. gold futures were virtually unchanged at $1,963.15.

As debt default worries recede, investors have shifted their focus to this week’s U.S. jobs report for May and the upcoming FOMC meeting in June.

Investors expect further monetary policy tightening after the Fed’s preferred inflation gauge – the personal consumption expenditures (PCE) price index – came in stronger than expected on Friday.

U.S. consumer spending also increased more than expected in April, raising market expectations for another 25-bps rate hike from the Federal Reserve next month.

Reports on U.S. job openings and non-farm payrolls data could influence the Fed’s thinking for the June decision.

Turkey's Erdogan Wins Third Term

Recep Tayyip Erdogan has been re-elected Turkey’s President in the run-off.

In the second round of voting held on Sunday, Erdogan secured 52. 14 percent of the votes.

His main rival, Kemal Kilicdaroglu of the Republican People’s Party, could win only 47.86 percent of votes, according to Turkey’s Supreme Election Council.

Turkey’s presidential election headed to a runoff as neither of the main candidates was able to win a clear majority in the first round held earlier this month.

In his victory speech, Erdogan called for unity.

He said the government’s priority would be fighting inflation.

Under Erdogan’s leadership Turkey moved closer to Russia and distanced from the United States, but his economic policies have led the NATO-member state to 44 percent inflation.

This is the third term that the hardcore Islamist leader is elected Turkey’s President.

Oil Prices Rise As US Debt Default Worries Ebb

Oil prices eked out modest gains on Monday after U.S. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle to raise the debt ceiling and avoid a potentially disastrous default by the U.S. government.

Overall gains, however, remained capped by doubts about China’s economic recovery and mixed messages from OPEC+ on production cuts.

Benchmark Brent crude futures rose 0.3 percent to $77.19 a barrel, while WTI crude futures were up 0.4 percent at $72.94.

The last-minute will raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024 and increase it by 1 percent in fiscal year.

McCarthy told reporters Saturday evening that he expects the GOP-controlled House to vote on the agreement on Wednesday.

Meanwhile, China growth concerns resurfaced after data showed profits at industrial profits in China fell 20.6 percent in the January-to-April period from the same period the previous year.

Traders now look ahead to upcoming OPEC+ meeting for directional cues amid tensions between Russia and Saudi Arabia over output targets.

Russia prefers its partners of the OPEC+ group to leave oil production unchanged when it meets next week.