The German cabinet on Tuesday approved a mandate offering military assistance to back the international fight against the Islamic State jihadist group following the Paris attacks. The package, which still requires parliamentary approval, covers Tornado reconnaissance jets, a naval frigate and up to 1,200 troops following a French request, the government said in a statement. "The German contribution serves the fight against terrorism under the auspices of the alliance against IS and is aimed at supporting in particular France, Iraq and the international alliance in its fight against IS," the mandate says.
US President Barack Obama warned Tuesday that global warming poses imminent security and economic risks, as negotiators embarked on an 11-day race to seal a UN pact aimed at taming climate change. Obama and others employed lofty rhetoric Monday to inject energy into the start of the UN negotiations, which are due to deliver a global masterplan on December 11. "Before long we are going to have to devote more and more of our economic and military resources, not to growing opportunity for our people, but to adapting to the various consequences of a changing planet," Obama said.
Crude oil futures fell almost 1 percent on Tuesday on bets OPEC will not cut output to stem a supply glut when the world's biggest oil producers meet in Vienna later this week, although a rally in U.S. gasoline and a weak dollar limited losses. Traders and investors await a report later on Tuesday from industry group American Petroleum Institute, which could show a decline in U.S. oil stockpiles last week. Trading in crude was sluggish ahead of Friday's meeting of the Organization of the Petroleum Exporting Countries amid worries the group will choose to keep output high to defend market share against non-member oil producers such as the United States and Russia.