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Sources say that Russia is set to tighten up its gasoline export restrictions in the near future.
Three industry sources who are familiar with the plans said on Thursday that Russia will introduce a stricter gasoline export prohibition, including for fuel manufacturers, in the next few days to combat rising prices. At the moment, only a small percentage of gasoline exported by resellers is restricted, but oil companies can still sell fuel overseas. "The ban has been decided." "For now, the ban is only for August and September," said one source. According to another source, the ban may be announced as early as Monday. Sources said that the restrictions would not apply to supplies to the Moscow led Eurasian Economic Union (a grouping of five former Soviet States) and to other countries, such as Mongolia, with whom Russia has intergovernmental agreements for fuel supply. Over the last two years, the Russian government has imposed temporary bans on gasoline exports to combat fuel shortages and high prices. Alexander Novak, Deputy Prime Minster, said this month that government will study the fuel markets to determine if additional restrictions are warranted. On Thursday, his office declined to comment. The wholesale gasoline price on the St Petersburg commodity exchange has been rising since the beginning of last week. The popular Ai-95 grade reached a record high of 76 293 roubles (about $926.29) per metric ton. Russia produces over 40 million metric tonnes of gasoline each year. Egypt and Turkey import the most Russian fuel. Sources claim that Russia's gasoline exports increased by 25% in the first five month of 2025 compared to the previous year, to 2,51 million tons.
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The Russian rouble is nearing 80 dollars ahead of the expected rate cut
The Russian rouble fell on Thursday a day ahead of the expected interest rate cut by the central bank. It approached 80 dollars for the first since June 12th. LSEG compiled data based on quotes over the counter that showed the rouble down 1.1% at 1345 GMT, to 78.25 dollars. The rouble reached 79.6 per dollar during the session. A survey of 27 economists conducted this week found that the central bank will likely cut its key interest rate by 200 basis point to 18% during a Friday meeting, due to falling inflation, a slowing economy and the strength in the rouble. The latest week's first weekly deflation recorded since September 2024 boosted market expectations of a rate cut. A dealer at a major Russian Bank said that the demand for foreign currencies is slowly increasing because of seasonal factors and anticipations for multiple rate reductions by the central banks. The dealer explained that importers could gradually increase their purchases of foreign currencies at the current low rates in anticipation of a rise for consumer demand as credit conditions improve. Since the beginning of this year, the Russian rouble is up 45% against U.S. dollars. This makes it one of world's most successful currencies. The rouble fell by 0.9% on Thursday to 11,04 against the Chinese Yuan, which is the most commonly traded currency in Russia. (Reporting and editing by Susan Fenton; Gleb Bryanski)
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Gold, a safe-haven asset, falls as risk appetite increases with trade optimism
Gold prices dropped for the second consecutive session on Thursday as signs of reduced global trade tensions dampened interest in safe-haven assets. By 9:41 am, spot gold had fallen 0.8% to $3,362.35 an ounce. ET (1340 GMT). U.S. Gold futures fell 0.9% to $3.367.40. Aakash doshi, State Street Investment Management said that the market was optimistic about trade agreements -- first, with the U.S., then Japan, and possibly now the EU. He added that low volatility and strong equity markets have contributed to gold's rise. The U.S. is making progress with the European Union on a possible trade agreement that could include a baseline U.S. tax of 15% on EU products, but also allow for exemptions. Washington announced a separate deal with Japan shortly before this move. The unexpected visit by U.S. president Donald Trump to the Federal Reserve has added uncertainty to policy. The White House confirmed that the visit was made amid Trump's criticism of Fed chair Jerome Powell over not reducing rates more aggressively. Doshi stated that "any potential interference with Fed Independence is supportive of gold on a medium to long-term basis." It is expected that the Fed will leave its rates unchanged during its meeting on July 29-30, but markets are still pricing in a possible rate cut for September. Gold is a safe haven during economic uncertainty. It also does well in an environment with low interest rates. The data shows that U.S. unemployment claims fell unexpectedly last week. This indicates a stable labour market, despite slow hiring, which makes it difficult for unemployed people to find jobs. Silver spot fell 1% to $38.87 an ounce. Palladium fell 2.2% to $1.247.68, and platinum dropped 0.8% to $1.400.18. (Reporting and editing by Susan Fenton in Bengaluru, Sherin Elizabeth Vaghese)
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Wildfires are fought by firefighters in the heat-stricken Turkey and Cyprus
Firefighters fought multiple wildfires in Turkey and Cyprus Thursday, which scorched large areas of land and forced the evacuations of villages and towns. Ten firefighters were killed by a heatwave that swept across the Mediterranean. Six separate wildfires are burning in Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching heat. Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province. Yumakli also said 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar, another province in the central region. Fires in the province of Bilecik in northwestern Turkey raged for four days straight, and firefighters were unable to control them. Some residents in Bilecik were allowed to return after the evacuation of areas that were declared safe. "They couldn't intervene. The road is rocky, there are dense forests and no decent roads. "Helicopters do not work at night and, because they aren't working, they could not intervene," Cemil Karadag said, a Bilecik resident from the village of Selcik. It engulfed the village from all sides. The wind caused it to spread quickly, but thankfully, the centre of our village was not damaged. A wildfire broke out in the Black Sea Province of Sakarya as firefighters were battling another fire nearby. The fire forced the closure of a major highway, and some areas were evacuated. A second fire, in the province of Karabuk where the UNESCO World Heritage City Safranbolu lies, grew quickly and forced the evacuation of 10 villages. Sixth, a fire raged across the province of Manisa in western Iraq. 'SHEER HELL' Firefighters on the eastern Mediterranean island Cyprus fought for the second day to contain a massive wildfire that engulfed the mountain villages north-east of Limassol. The fire that started Wednesday trapped two people in their vehicle. As people fled the towering wall, scores of homes were destroyed. Authorities said that they will investigate the possibility of arson, even though the cause of the fire was not immediately clear. Father Michalis is a Greek Orthodox Priest who was forced out of the village Lofou. Strong winds stoked flare-ups that erupted around midday, after they had subsided in the morning. Kostas Hatzikonstantinou struggled to keep his composure while standing outside his home. The fire that ravaged his community Thursday had left it hollowed out. "It is an unspeakable tragedy to everyone." He said, "Unfortunately, this paradise we enjoyed for many years will no longer be ours." The Cypriot Government spokesperson Konstantinos Leymbiotis stated that the authorities are focusing on using "all the ground and air force" to contain the fire. He said, "We face an unprecedented situation." He added that Israel would also send help, in addition to the air assets of Spain, Egypt, and Jordan. He added that aircraft from British military bases in Cyprus also assisted the efforts, and the EU had deployed two aircraft. Ersin Tatar, the president of the Turkish Republic of Northern Cyprus (a breakaway Turkish Republic) which is only recognised by Turkey, and which has split off from the south of the island, said that his government would also be willing to help. Heatwaves and fires are not uncommon in the region. However, the impact of these events on the human population as well as the extent of the destruction has increased in recent years because weather patterns have changed.
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WHO: Weak regulations causing deaths from contaminated drugs
World Health Organization (WHO) said Thursday that systemic weaknesses in oversight of the global pharmaceutical chain led to medicines formulated with toxic chemicals killing people and compromising health, especially of children. In a joint report with the United Nations Office on Drugs and Crime (UNODC), the WHO reported that since 2022, there have been over 300 deaths in Africa and Asia, as well as the Pacific, linked to syrups that contain industrial chemicals like diethylene glycol and Ethylene glycol. They are illegally substituting pharmaceutical grade ingredients, such as propylene glycerin, sorbitol and glycerin, which are used in the formulation of medicines, including cough and paracetamol syringes. The agencies raised alarms about the lack of regulation for manufacturers and distributors of the ingredients and their marketing via e-commerce and social media. The report criticised national regulatory agencies over insufficient testing for quality control, an excessive reliance upon certificates issued by suppliers and a failure to ensure traceability. The report recommended that countries take steps to reduce the risk. These included making the reporting of contaminated drugs easier and sending out timely alerts when these ingredients are detected within the supply chain. (Reporting by Sriparna Roy in Bengaluru; Editing by Sahal Muhammed)
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Acerinox, protected by tariffs and facing price increases for US business
Acerinox's management announced on Thursday that it is considering raising prices, but no significant changes are expected until late September. In a call with analysts following the company's earnings, CEO Bernardo Velazquez said, "In the United States we are trying increase our prices which is not an easy task under the current conditions." Miguel Ferrandis, the Chief Corporate Officer, said that there will be no "relevant' price increases in the third quarter as it is not usual to make adjustments during the summer. He said that the decision would be made at the end of September. The decisions were also based on market visibility, an EU-U.S. potential trade deal, and the clarity regarding Russia's conflict in Ukraine. Acerinox, the U.S.'s largest stainless steel producer, benefits from Trump’s protectionist policies. Analysts told Velazquez that the demand for stainless steel in Europe and America is low, but Acerinox's tariffs against competitors will allow it to keep U.S. pricing stable. In Europe, economic turmoil has caused steel prices to fall, resulting in a large miss for Acerinox’s second-quarter earnings. Velazquez stated, "We are under a lot pressure on the market due to low demand and high inventories. Prices are therefore going down." He said that imports in Europe have increased by close to 75% this year. The European Union must take measures to protect its market from Asian imports like the U.S. has done. The U.S. hot rolled coil steel futures are up 24% this year, to $876 per short ton (or $956.50 per metric tonne), while European prices are down 4% at 531 euros per metric tonne ($623.93). ($1 = 0.8511 euro) (Reporting from Javi West in Gdansk; additional reporting by Eric Onstad and editing by Milla Nissi-Prussak).
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Wildfires are raging in Turkey and Cyprus as a result of the heatwave
Firefighters in Turkey and Cyprus fought multiple wildfires across the country on Thursday, amid a scorching Mediterranean heatwave which has scorched large areas of land and claimed 10 lives among firefighters in central Turkey. Six separate wildfires have raged across Turkey. Turkish Agriculture and Forestry minister Ibrahim Yumakli has warned of the dangers of strong winds and scorching temperatures. Yumakli reported late on Wednesday that 10 firefighters died while fighting a fire in central Eskisehir Province, and added that 14 other firefighters were injured. The fire was fanned by strong wind and spread to Afyonkarahisar in central Turkey. Some towns and villages had been evacuated. Fires continued to rage in the province of Bilecik (northwest Turkey) for a fourth consecutive day. The firefighters were unable to control them, and several villages had been evacuated. Some residents returned to the areas that were declared safe. "They couldn't intervene. The road is rocky, there are dense forests and no decent roads. "Helicopters do not work at night and, because they aren't working, they could not intervene," Cemil Karadag said, a resident from the village of Selcik. It engulfed the village from three or four sides. They couldn't intervene. The wind caused it to spread quickly, but thank God our village centre wasn't too badly damaged. A wildfire broke out in the Black Sea Province of Sakarya as firefighters were battling another fire nearby. The fire forced the closure of a major highway, and some villages were evacuated. Ten villages were evacuated after a fire quickly grew in the province of Karabuk where the UNESCO World Heritage City Safranbolu was located. A sixth fire raged in Western province Manisa. 'SHEER HELL' Firefighters in the eastern Mediterranean island Cyprus fought for the second day to contain a massive wildfire that engulfed the mountain villages north-east of Limassol. The fire that started on Wednesday trapped two people in their vehicle. As people fled their homes from the towering wall, scores of homes were destroyed. Authorities said that they will investigate the possibility of arson, even though the cause is not known. Father Michalis is a Greek Orthodox Priest who was forced to evacuate the village of Lofou. Strong winds stoked flare-ups in the midday hours, after they had subsided early on Thursday. Konstantinos Letymbiotis, a spokesperson for the government, said: "Our main focus is on controlling the fire using all of our ground and air force to the maximum." "We face an unprecedented situation." He said that Israel would also send help, in addition to the air assets of Spain, Egypt, and Jordan. He said that aircraft from British bases in Cyprus also assisted the effort. Ersin Tatar, the president of the Turkish Republic of Northern Cyprus (a breakaway Turkish Republic) which is only recognised by Turkey, and has been separated from the south of the island, said that his government would also be willing to assist. Heatwaves and fires are not uncommon in the region. However, in recent years their impact and damage have become more severe. Tuvan Gümrukcu, Ayhan Uyanik, Michele Kambas, Ankara and Tuvan Uyanik, Bilecik; Tuvan's writing; Ece Toksabay, David Holmes, editing.
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Dover raises annual profit forecast on strong product demand, data center strength
Dover, an industrial equipment manufacturer, raised its profit forecast for the full year on Thursday. It cited robust product demand, and continued momentum in aerospace and defense markets, as well as data centers. The company based in Downers Grove, Illinois, now expects a profit adjusted for 2025 of between $9.35 to $9.55 per shares, up from $9.20 - $9.40 previously. According to LSEG data, analysts expect an average annual adjusted profit per share of $9.35. Richard Tobin, CEO of Tobin Group, said that "Order trends continued posting positive momentum in this quarter. This bolsters our confidence in our second half outlook as a majority our third quarter revenue is already in our backlog." Dover provides equipment and components, as well as consumables, aftermarket products, software and digital solutions, to a wide range of end markets, including aerospace and defence. Dover also produces cooling systems for data centres and has seen its parts and services demand increase due to the growing interest in artificial intelligence. The profits at Dover’s Pumps and Process unit, which manufactures thermal connectors for cooling liquid in data centers, increased to $159.5 millions, up from $137.2 millions a year ago. The company's clean energy and fueling businesses saw their earnings increase to $107.8 millions, up from $87.5 last year. The segment operates under Dover Fueling Solutions, and OPW, and includes a range of efficiency and safety solutions for convenience retail, fueling and clean energy markets. Dover's adjusted profit for the quarter ending June 30 increased by 16%, to $2.44 a share. This was higher than the average analyst estimate of $2.39 a share. Revenues for the quarter increased by 5%, to $2.05billion. This was slightly higher than expected at $2.04billion. (Reporting from Anandita Mehrotra in Bengaluru and AbhinavParmar; editing by Tasimzahid)
Sources: Attacks on Burkina army bases and villages kill dozens
Sources said that an attack on a Burkina Faso military base killed several soldiers while another assault in the southern part of the country left dozens dead civilians. This underscored the spiraling insecurity within the junta led country.
Two security sources confirmed that the army base in Djibo was attacked on Sunday morning. A police station and a market were also targeted.
Sources who spoke anonymously for fear of reprisals by the government said that soldiers, pro-government militiamen, and civilians had been killed, although a complete toll wasn't available until Monday.
Many of our men, both soldiers and (militia fighters) have fallen. Weapons were also taken. "There were also many deaths on the population side," said one source. According to an army report from October 2022, the Djibo Base has been attacked multiple times.
The latest attack was not immediately claimed by anyone. The area is close to where Al Qaeda affiliate JNIM operate.
Ibrahim Traore, who took power through a coup in the year 2022, promised to reverse the tide of a jihadist movement that had spread throughout the region ever since it began in Mali thirteen years ago.
In many parts of the country, militant attacks continue.
According to Segda Bila of the committee responsible for burying the deceased, at least 58 people were killed in three villages of Koulpelogo province, located near the border of Togo.
Burkina Faso’s military government is under fire from rights groups for the measures taken to protect national security. Human Rights Watch stated on Monday that the army "participated" in the March massacre of ethnic Fulani civilians by pro-government militias in Boucle du Mouhoun, western Boucle du Mouhoun. In March, a government spokesperson dismissed online images purporting that those killings were a "disinformation" campaign of "false info aimed at undermining the social cohesion."
Monday, the government did not respond immediately to a comment request. Reporting by Burkina Faso Newsroom; Writing and editing by Sharon Singleton
(source: Reuters)