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Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns – The Guardian

A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.

The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.

But it added that its forecast that crude prices would average $84 a barrel this year would prove too optimistic in the event of the crisis worsening.

Fears of a full-scale war in the Middle East have already led to a rise in oil prices and dearer fuel costs for motorists. A barrel of Brent crude is trading at $87, while the average price of a litre of unleaded petrol in the UK has edged above £1.50 for the first time since last November.

The World Bank’s latest commodity markets report said: “A moderate conflict-related supply disruption could raise the average Brent price this year to $92 a barrel. A more severe disruption could see oil prices surpass $100 a barrel, raising global inflation in 2024 by nearly one percentage point.”

Between mid-2022 and mid-2023, global commodity prices plummeted by nearly 40% and were the driving force behind a near-two-percentage-point drop in global inflation over that period. Since mid-2023, the World Bank said its index of commodity prices had remained essentially unchanged.

Financial markets have already pared back expectations about the scale and pace of interest rate cuts this year in response to stickier than expected inflation.

Indermit Gill, the World Bank chief economist, said: “Global inflation remains undefeated. A key force for disinflation – falling commodity prices – has essentially hit a wall.

“That means interest rates could remain higher than currently expected this year and next. The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years.”

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The World Bank said an escalation of the conflict in the Middle East could also drive up prices of natural gas, fertilisers and food. A fifth of liquefied natural gas (LNG) exports pass through the strait of Hormuz and, if the supply were interrupted, prices of fertilisers reliant on LNG in their production would rise substantially, with the likely effect of driving up food prices.

Assuming the crisis does not deepen, the Bank’s baseline forecast is for overall food prices to decline by 6% in 2024 and 4% in 2025. Fertiliser prices are expected to fall by 22% in 2024 and 6% in 2025.

The World Bank said the pickup in investment in green technologies had pushed up prices of key metals that were critical for the global clean-energy transition.

Prices of copper, which is needed for electricity-grid infrastructure and electric vehicles, surged to a two-year high in April and were expected to rise 5% in 2024 before stabilising in 2025. Prices of aluminium are forecast to increase by 2% in 2024 and 4% in 2025, bolstered in particular by the production of electric vehicles, solar panels and other renewable-power infrastructure.

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Zimbabwe Council of Copyrights (ZICCO) seeks corporate support to empower artists and fight piracy – Chronicle

Zimbabwe Council of Copyrights (ZICCO) seeks corporate support to empower artists and fight piracy


Leonard Ncube , [email protected] 

DRIVEN by the desire to empower artistes and guard against many of them living miserable lives due to poor remuneration and piracy, the Zimbabwe Council of Copyrights (ZICCO) is appealing to the corporate world for assistance to start projects.

ZICCO was established last year as an organisation for all artistes, music composers, producers, arts associations and organisations regardless of race, gender and status.

It seeks to, among other things, to collect royalties of music on behalf of rights holders, protect their works against infringement and counterfeiting.

ZICCO’s mandate is to collect royalties for its members while safeguarding their copyrights to empower artists and alleviate poverty, at a time when many artistes, young and old, are struggling to eke out a living from their work due to a number of factors including piracy, poor remuneration, limited corporate support, lack of transparency by their handlers and others.

Some earn a living out of live performances and paltry royalties distributed by other copyright groups. However, in most cases, only big-name artistes get gigs while upcoming artists struggle to get any.

ZICCO chief executive Tafadzva Masembura said they want to set income-generating projects in poultry and agriculture for members hence the need for support.

Since its establishment last year, the organisation membership has grown to 1 000 and has managed to give cash royalties to some yesterday’s artistes.

“We encourage artistes to take music and art as a profession and business and master it to their full potential. We have seen great musicians getting paupers’ burial after death because they had no investments that would cater for their needs after retiring. Against this background, ZICCO is seeking support from like minded organisations and individuals to establish income generating projects for its members,” said Masembura.

“This will give artistes life beyond their musical career. Many yesteryear artists died and were buried paupers while some struggle to feed their families despite shaking the music industry.”He said the arts industry directly benefits more than 20 000 people in Zimbabwe.

ZICCO provides funeral cover only for members but the organisation assists when an immediate member of the member’s family like a spouse, biological child or parent dies.

Masembura said ZICCO welcomes ideas and advice to advance aspirations and expectations of the arts industry for the benefit of artistes in the spirit of working closely with young artists so that they realise their potential.

Masembura bemoaned bullying and abuse of some artists especially the upcoming ones in the industry by other established organisations.
He said ZICCO intends to organise artists into groups based on their geographical location.

To avoid clashing with other organisations such as the Zimbabwe Music Rights Association, ZICCO avoids targeting already subscribed artistes and venues.

ZICCO is also working with law enforcement agents to fight piracy.

ZICCO’s operations are overseen by a nine-member board to ensure transparency, artists aspirations and set goals and to benefit a musician has to register as a member.

ZICCO works closely with prominent individuals, record labels and arts associations like Simba Arts.

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Noni Madueke nods in Chelsea’s third goal of first half v. West Ham | Premier League | NBC Sports – NBC Sports

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Intense Solar Flare Captured by NASA’s Solar Dynamics Observatory – SciTechDaily

SDO Solar Flare May 2024

NASA’s Solar Dynamics Observatory captured this image of a solar flare — as seen in the bright flash toward the upper middle area of the Sun — on May 2, 2024. The image shows a subset of extreme ultraviolet light that highlights the extremely hot material in flares and which is colorized in teal. Credit: NASA/SDO

The Sun emitted a strong solar flare, peaking at 10:22 p.m. ET on May 2, 2024. <span class="glossaryLink" aria-describedby="tt" data-cmtooltip="

NASA
Established in 1958, the National Aeronautics and Space Administration (NASA) is an independent agency of the United States Federal Government that succeeded the National Advisory Committee for Aeronautics (NACA). It is responsible for the civilian space program, as well as aeronautics and aerospace research. Its vision is "To discover and expand knowledge for the benefit of humanity." Its core values are "safety, integrity, teamwork, excellence, and inclusion." NASA conducts research, develops technology and launches missions to explore and study Earth, the solar system, and the universe beyond. It also works to advance the state of knowledge in a wide range of scientific fields, including Earth and space science, planetary science, astrophysics, and heliophysics, and it collaborates with private companies and international partners to achieve its goals.

” data-gt-translate-attributes=”[{“attribute”:”data-cmtooltip”, “format”:”html”}]” tabindex=”0″ role=”link”>NASA’s Solar Dynamics Observatory, which watches the Sun constantly, captured an image of the event.

Solar flares are intense bursts of radiation emanating from the release of magnetic energy associated with sunspots. These flares are among the biggest explosive events in our solar system, visible primarily in the ultraviolet range.

Flares impact Earth in a variety of ways: they can disrupt the ionosphere and interfere with <span class="glossaryLink" aria-describedby="tt" data-cmtooltip="

GPS
GPS, or Global Positioning System, is a satellite-based navigation system that provides location and time information anywhere on or near the Earth's surface. It consists of a network of satellites, ground control stations, and GPS receivers, which are found in a variety of devices such as smartphones, cars, and aircraft. GPS is used for a wide range of applications including navigation, mapping, tracking, and timing, and has an accuracy of about 3 meters (10 feet) in most conditions.

” data-gt-translate-attributes=”[{“attribute”:”data-cmtooltip”, “format”:”html”}]” tabindex=”0″ role=”link”>GPS navigation and radio communications. They are also responsible for auroras, the beautiful natural light displays often seen in high-latitude skies.

This flare is classified as an X1.6 flare. X-class denotes the most intense flares, while the number provides more information about its strength.

Solar flares are rated based on their intensity and potential impact on Earth. The classification system consists of five categories: A, B, C, M, and X. Each category has a tenfold increase in energy output compared to the previous one, with A being the weakest and X the strongest. Within each letter class, there is a finer scale from 1 to 9. For example, an X1 flare is weaker than an X2 flare, but significantly stronger than an M5 flare. This classification helps scientists and relevant agencies predict potential impacts and prepare for space weather-related disruptions.

NASA Solar Dynamics Observatory Orbiting Earth

Artist’s concept image of the SDO satellite orbiting Earth. Credit: NASA

NASA’s Solar Dynamics Observatory

NASA’s Solar Dynamics Observatory (SDO) is a mission dedicated to understanding the origins of solar activity and its impacts on Earth. Launched in February 2010, the SDO is a critical part of NASA’s Living With a Star (LWS) program, which aims to develop the scientific understanding necessary to effectively address those aspects of the connected Sun-Earth system that directly affect life and society.

The observatory is equipped with a suite of instruments that provide observations leading to a deeper understanding of the solar atmosphere’s dynamics. These instruments are capable of capturing ultra-high-definition images of the Sun in 13 different wavelengths every few seconds. The key instruments include the Atmospheric Imaging Assembly (AIA), which produces images of the solar corona and chromosphere; the Helioseismic and Magnetic Imager (HMI), which studies the solar surface and magnetic activity; and the Extreme Ultraviolet Variability Experiment (EVE), which measures the Sun’s ultraviolet output.

The data collected by the SDO has been instrumental in improving our ability to forecast space weather events, such as solar flares and coronal mass ejections, which can affect satellite operations, communications, power grids, and navigation systems on Earth. Through continuous monitoring, the SDO plays a pivotal role in our ongoing efforts to understand the complex solar processes that influence our daily lives and technological infrastructure.

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