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Indonesia continues to search for missing hikers after Mount Dukono eruption
An official says that Indonesian authorities resumed their search efforts for three missing hikers on Saturday following the eruption of Mount Dukono?on Halmahera Island. The volcanology agency of Indonesia reported that Mount Dukono in North Maluku Province erupted at 7:41 am on Friday (2241 GMT, Thursday), releasing volcanic ash up to 10 km (6 miles) high into the air. Rescue agency had stopped the search on Friday evening because it was still raging. Iwan Ramdani is the head of the local rescue agency. He said that at least 100 rescuers and military personnel, as well as?police officers, as well as thermal drones were deployed on Saturday morning to search for the missing three. He added that the hikers were two Singaporeans, and one Indonesian. Iwan stated that "we are focusing the search around a crater covering an area of around 700 meters." On Friday, authorities evacuated 17 people. Seven of them were Singaporeans while the other ten were Indonesians. Erlichson Pasaribu, the local police chief, said that three people died, including two Singaporeans. However, the rescue agency had not confirmed the deaths by Saturday. Iwan said that Saturday's search had been hampered because of the continued eruptions. Lana 'Saria, head of the agency, said that the volcanology agency had recorded at least four explosions on Saturday morning. She added that the agency maintains the alert status of Mount Dukono on the third highest level. She said that residents and tourists should not engage in any activity within a radius of 4 km (2 miles) from the crater. No reports have been made yet about flight disruptions due to the eruption. Indonesia is located on the Pacific “Ring of Fire”, an area of intense seismic activity at various tectonic plate boundaries.
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Maryland lawmakers are waiting for answers about jet fuel spill at an air base
The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that the Air Force initially did not disclose the full extent and scope of the spillage, but only weeks after it occurred. In a Friday statement, Democratic Senator Chris Van Hollen stated that "their failure to contain the spill immediately is unacceptable by itself. But their lack of transparency has made matters worse. They denied the Maryland Department of the Environment the chance to implement containment methods that could have reduced the damage." The Air Force stated that the Air Force secretary would directly respond to lawmakers. The base responded to the fuel spill on Friday after personnel "discovered fuel odors" and noticed a sheen in Piscataway Creek, March 23, 2026. "Mitigation Measures are in place to prevent further migration and contain the release, while the spill investigation and treatment is underway. The installation is working closely with the environmental authorities to take all necessary steps to protect nearby waterways and eco-systems, according to the base. The lawmakers wrote to Air Force Sec. Troy Meink informing him that Joint Base Andrews did not reveal the full extent?of the spill until April 8, more than two weeks after announcing the state of the event. Next week, Defense Secretary Pete Hegseth will testify before House and Senate appropriations committees. He is expected to answer questions about the spill. The spilled oil is the latest environmental incident to affect the Potomac Watershed. In January, an enormous DC Water sewer line burst in Montgomery County, Maryland near the C&O Canal, contaminating the river with raw sewage. Potomac Conservancy stated that the river is also susceptible to pollution due to the rapid construction of data centers around the D.C. metropolitan area. The environmental group stated that the incident is part of an ongoing pattern of infrastructure failures, and pollution events which continue to pose a threat to the health of the Potomac River.
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Russia scales back its WW2 victory parade amid growing concerns over the war in Ukraine
The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles with nuclear capability, will not feature any tanks or military equipment this year. Soldiers are still going to march and cheer under the shadow of Vladimir Lenin’s Mausoleum. Fighter planes will be flying above the Kremlin’s towers and Vladimir Putin is set to make a speech and lay flowers on the tomb of Unknown Soldier. Yuri Ushakov, a Kremlin aide, told reporters that "in general, everything was as usual except for the display of military equipment." Russia, who invaded Ukraine 2022, warned that Kyiv's attempt to disrupt the event could lead to a "massive missile attack" on the Ukrainian capital. Moscow has told foreign diplomats to evacuate Kyiv's staff in the case of an attack. Volodymyr Zelenskiy, Ukraine's president, said that the country's response on May 9 will depend on what happens on Friday. He accused Moscow of violating their own ceasefire. Moscow is protected by a ring of electronic barriers and air defences that are designed to confuse drones and missiles as they approach the capital. The region around the city has 22 million people. The war in Ukraine haunts Russia's parade The Red Army drove Nazi forces from Berlin in 1945 after Nazi Germany invaded Soviet Union. Adolf Hitler then committed suicide, and the Soviet Victory Banner, a red banner, was raised above the Reichstag. The unconditional surrender of Nazi Germany took place at 11:01 pm on May 8, 1945. This day was declared by Britain, France, and the United States as "Victory in Europe Day". In Moscow, it was already May 9th. This became "Victory Day", for the Soviet Union in the Great Patriotic War (1941-45), which the Russians refer to. This year's parade is taking place amid growing anxiety in Moscow over the outcome of the war in Ukraine. The war has left Ukraine in ruins, and Russia's economy is now $3 trillion short. Relations with Europe have never been worse. The crisis is deepening slowly, but any sudden movement could send the economy into a tailspin. This was the statement of Igor Girkin in a Telegram post. He has been jailed for criticizing the Kremlin's conduct during the war. Girkin,?a former Federal Security Service Officer, used an analogy of a shipwreck to suggest that Russia's top leaders are more concerned about being thrown out of their cabins. Dmitry Peskov, Kremlin spokesperson, dismissed reports from CNN and other Western media that Putin's protection had been intensified due to fears of a coup d'état or assassination. Russian officials have brushed aside reports of a plot to stage a coup as nonsense. Putin sat alongside President George W. Bush, France's Jacques Chirac, and Chinese President Hu Jintao at the Moscow Parade 21 years ago. This year, Belarusian president Alexander Lukashenko will be there, as well as Malaysia's Sultan Ibrahim, and Laos Prime Minister Thongloun Sisoulith. (Dmitry Antonov contributed additional reporting; Mark Trevelyan, Emelia Sithole Matarise and Emelia Sithole Matarise edited the article.)
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Fed report on financial stability cites geopolitical risks and oil shock as the top concerns
According to a report by the Federal Reserve released on Friday, the ongoing war with Iran has risen to the top of the list for financial stability concerns. In the Financial Stability Report of the U.S. Central Bank, respondents cited geopolitical risk and the oil crisis as their top concerns. Artificial intelligence and private credit also rose to become major concerns. Geopolitical risk was cited as the top concern by three-quarters, and the oil shock resulting from the war was cited 70% of the time. Half of respondents cited AI and private credit as possible threats to financial stability. The report warned, in particular, that a prolonged conflict, especially if it is combined with shortages in commodities and damaged supply chains, would likely increase inflation and slow the economic growth in the U.S. Sharp price changes in the energy market and financial products related to it could also lead to market tensions. Many respondents noted that the inflationary pressure caused by the "energy shock" could force central bankers to tighten their monetary policies, even if economic growth is weaker. The report warns that "higher interest rates and increased inflation could have significant economic and financial effects, including a decline in asset prices." The survey's concerns about rising oil prices and inflation they have rekindled are similar to those expressed by many U.S. policymakers in recent weeks. After its last policy meeting, the Fed kept interest rates at their current level. Since then, more central bankers have stated that they cannot rule out a rate increase if inflation rises and spreads. Since the U.S. and Israel attacks against Iran began on Feb. 28, the global benchmark crude price has risen by more than 50 percent. It remains above $100 per barrel despite conflicting reports on whether a peace agreement is close. The "oil crisis" was the number one concern in the latest Fed survey. The 'latest Fed survey' revealed that the No. 2 concern was "oil shock" after the previous report in last fall did not mention it at all. U.S. gas prices are at their highest level since July 2022, and inflation is now about a percentage-point above the Fed's target of 2%. Central bankers in the United States are concerned that the higher the prices, the more likely they will spread to other goods and services. AI, PRIVATE CREDIT CONCERNS FLAGGED The survey respondents expressed concern that AI investments are "increasingly financed" by debt. This increases leverage and increases fragility. They also said that, if the technology is widely adopted, it "may contribute to labor-market weakness." The survey presented a mixed picture of the private credit sector. The survey noted that while the sector is dealing with negative sentiments and an increase in redemption requests, the risks are manageable so far. The report stated that for the 10 biggest perpetual?business-development companies, which represent?roughly 80 percent of private credit assets in the sector, there was enough bank credit and cash to cover three quarters of redemptions if they held at a level of 5%. The Fed stated that the risks of private credit to financial stability appear "limited and managed," but also noted that continuing redemptions and negative attitudes could reduce credit access for some borrowers. This is especially true for those with higher risk. (Reporting and editing by Paul Simao, Michael S. Derby, Dan Burns and Pete Schroeder)
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday, pointing to a weekly gain as optimism about a 'potential' end to the Iran conflict eased concerns over inflation and high interest rates. Spot gold rose 0.7% to $4,719.68 an ounce at 1745 GMT. It has gained 2.3% in the last week. U.S. Gold Futures closed 0.4% higher, at $4.730.70. Due to its non-yielding properties, gold is under pressure when interest rates rise. "Gold is now trading more like a risky asset than a safe haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. We're seeing Fed rate reductions in the future as energy prices drop, said David Meger of High Ridge Futures. The United States said that it expects an Iranian response to its latest proposal for ending the Gulf War as early as Friday, even though U.S. forces and Iranian forces are exchanging fire in the area. The U.S. Dollar index and oil prices are both expected to decline this week. Dollar-priced Gold becomes cheaper for holders of other currencies due to a weaker U.S. dollar, while softer energy costs ease inflation concerns. According to CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, the Fed governor, said he hoped that 'central bank chair Jerome Powell would stay on only for a brief period as governor. Kevin Warsh will'succeed Powell in the Fed leadership role, pending a Senate vote. The data?showed that U.S. unemployment increased more than anticipated in April. After the data, gold briefly extended its gains. The gold demand in India was muted last week as the price recovery encouraged potential buyers to postpone their purchases. Meanwhile, premiums on China remained stable due to safe-haven demand. Spot silver increased 2.5%, to $80.4 per ounce. Platinum gained 1.3%, to $2.047.88. Both are on track for gains this week. Palladium fell 0.5% at $1,487.71. Reporting by Ashitha shivaprasad, Bengaluru. Editing by Rod Nickel
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Top distillate trader departs Gunvor, sources say
Three sources confirmed on Friday that Zak Banks, a distillate trader from Houston, is leaving global commodity trading company Gunvor. His departure is not clear. Gunvor refused to comment while Banks was unable to be reached. According to the financial results published in April, the Swiss-based commodity traders?recorded a 85% decline in net profit by 2025. This equated to $104 millions. Gunvor employees staged an employee buyout last year to replace the former CEO and cofounder Torbjorn Tornqvist by Americas head Gary Pedersen. Pedersen stated that the company made $1.63 billion, the equivalent of the gross profit for 2025, in the first three months of '2026. This was after what he termed a pickup in "constructive volatile" late last yea. Gunvor, one of the largest oil trading companies in the world, buys and sells the equivalent 3% of the world's oil supply every day. Reporting by Arathy Andreasekhar and Georgina McCartney in Houston. Liz Hampton in Denver. Chizu Nomiyama, Mark Potter and Chizu Nomiyama edited the story.
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday and is expected to gain a weekly gain, as optimism about a possible end to the Iran Conflict eased concerns over inflation and high interest rates. Spot gold rose 0.5% to $4,709.89 an ounce at 1551 GMT. It has gained 2.1% in the last week. U.S. Gold Futures increased 0.2% to $4.719.60. Due to its non-yielding properties, gold, which is typically seen as a safe haven in times of global turmoil, will be under pressure? when interest rates rise. "Gold is now trading more like a risky asset than a safe-haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. David Meger is director of metals trading at High Ridge Futures. He said that with 'energy prices falling, we are seeing the prospects of Fed rate reductions increasing down the road. U.S. forces and?Iranian troops clashed in the Gulf, and the United Arab Emirates were again attacked. However, U.S. president Donald Trump claimed that a ceasefire held. The U.S. Dollar index and oil prices are both set to decline by a week's end. Gold priced in dollars becomes cheaper for holders of other currencies, and lower energy prices reduce inflation concerns. According to the CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, Fed Governor, said that he hopes Jerome Powell stays on as governor for a limited time. Kevin Warsh will succeed Powell in the Fed leadership role, pending a Senate vote. The data showed that U.S. unemployment increased more than anticipated?in April. Gold extended gains briefly after the data. The gold demand in India this week was muted, as the price recovery? prompted buyers to delay purchases. Meanwhile, premiums for China remained stable on the safe-haven?demand. Spot silver increased 2.1%, to $80.09 per ounce. Platinum gained 0.6%, to $2.034.80. Both are on track for gains this week. Palladium was down 3% on the week, falling 0.3% to $1476.04. Reporting by Ashitha shivaprasad, Bengaluru Editing Rod Nickel
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Investors digest US job growth and chipmaker earnings, as well as elevated oil prices.
On Friday, global equities were mixed as new U.S. job data showed growth in the U.S. market. However, consumer sentiment was down and oil prices continued to rise due to ongoing fighting near Strait of Hormuz. European stocks fell, but the S&P 500 gained 0.8% and the Nasdaq Composite jumped 1.4%. The Dow Jones Industrial Average remained largely unchanged. Chipmakers, such as Qualcomm, recovered. Qualcomm was up around 10% while Nvidia rose 2.3%. The price of oil rose again on the Friday following renewed fighting in the Strait of Hormuz, which raised doubts about the ceasefire agreement between Iran and the United States. Benchmark Brent crude futures rose last by 1.3%, to about $101 per barrel. U.S. employment rose more than expected in the month of April, while the unemployment rate remained at 4.3%. This indicates that the labor market is resilient and reinforces expectations that Federal Reserve will leave interest rates unchanged. Ellen Zentner is the Chief Economic Strategist at Morgan Stanley Wealth Management. She said, "More strong jobs data leaves the Fed where they've been for quite some time - waiting and watching, focused on its inflation mandate." Rate cuts are not on the horizon in the near future, but the lack of inflationary concerns in the report today should calm some of the talk about a possible hike. A survey released on Friday showed that U.S. consumer sentiment fell to a new low in May due to higher gasoline prices, which impacted household finances and purchasing ability. MIDDLE-EAST CLASHES The U.S., Iran and the UAE exchanged fire on the Gulf. This was a test of a ceasefire that had been in place for a month. Investors were left uncertain as both sides downplayed the situation. Jan von Gerich is the chief analyst of Nordea. But it's unlikely that there will be an agreement. "I still believe there will be disruptions along the Strait of Hormuz for a long time, and that it won't get resolved anytime soon." European stocks fell. The STOXX 600 index was down by 0.77%. Asian equities fell from recent highs, but remained on course for a strong week, boosted by the revenue and spending plans of U.S. AI Hyperscalers that have boosted chipmakers in the region. MSCI's broadest Asian share index outside Japan dropped 0.8%. However, South Korea's 'KOSPI' rose 0.1%. This brought its weekly gain up to 13.5% – its highest since 2008. This week, Taiwan's benchmark index rose 7% and Japan's Nikkei gained 5.4%. A DOLLAR INCH LOWER Sources familiar with the matter said that Japan intervened on currency markets to stop yen's slide in early May. The dollar fell 0.17% last week to 156.64yen and was heading for a second consecutive weekly decline against Japan's currency. The dollar's gains above 155 yen have been difficult to maintain after suspected interventions totaling?nearly?70 billion dollars since last Thursday. The euro was last trading at $1.177 while the Chinese yuan, Asia's most successful currency since war broke out, is hovering around 6.8 to 1 dollar. This is close to its highest level since 2023. The pound, and UK government bonds rose on Friday as British Prime Minister Keir starmer announced he would not step down despite the bruising defeats suffered by his Labour Party during local elections. A U.S. Trade Court ruled that President Donald Trump's 10% temporary global duty is unjustified by a 1970s trade act. Analysts expect an appeal to be filed quickly and that the overall impact of U.S. levies will be minimal. Treasury yields fell slightly on Friday. The benchmark 10-year rate was 4.364%. This is a 3 basis point decrease. Bitcoin was edging towards its sixth consecutive weekly gain at $79 679. (Reporting from Lawrence Delevingne, Samuel Indyk and Tom Westbrook respectively in Boston, London and Singapore. Elaine Hardcastle and Mark Potter edited by Toby Chopra, Nick Zieminski, Toby Chopra, and Nick Zieminski.
India's LNG rise supports Asia's imports in June: Russell
(The opinions revealed here are those of the author, a writer for .)
Asia's imports of melted gas (LNG) are anticipated to dip somewhat in June from May, with strength in India holding up the top-buying region's hunger for the super-chilled fuel.
Asia is on track to import 23.18 million metric tons of LNG in June, down a touch from May's 23.55 million, but up 8.9% from the 21.28 million from June in 2015, according to information compiled by commodity experts Kpler.
The largely steady outcome in June from the previous month shows the little change in arrivals to China and Japan, the world's two most significant LNG importers respectively.
China is on track to import 6.17 million lots in June, little bit changed from May's 6.19 million and the 6.20 million from June 2023.
Japan's arrivals are approximated at 4.69 million heaps in June, down partially from May's 4.80 million and 4.92 million in June 2023.
The genuine action in Asia's LNG market is in India, the continent's fourth-largest importer, which is slated to see arrivals of 2.72 million heaps in June, the second-highest on record and up from May's 2.46 million
The June imports are also 54% higher than the 1.77 million. loads from the exact same month in 2023, and first half imports of 13.71 million are almost one-third above the 10.44 million from the exact same duration in 2015.
The breakdown of India's imports also reveals a strong boost in arrivals from the United States, with a record 960,000 heaps anticipated to be landed in June.
This is up from 470,000 loads in May, and almost double the previous record month of 580,000 loads from June 2021.
There are likely two characteristics at work with the rising shipments from the United States, then first being that U.S. manufacturers are searching for alternative markets to Europe, where LNG imports have decreased in recent months.
The 2nd factor is likely that U.S. cargoes are being offered at a lower cost to those from other leading shippers Qatar and Australia, particularly given that U.S. gas prices remain at levels that would permit their plants to offer competitively priced cargoes and still make profits.
AUSTRALIA LNG
Another element that shows India is keen to buy LNG currently is that it imported a freight from Australia in June, with 70,000 loads getting here on June 11 from Chevron's Hag plant in Western Australia.
India hardly ever purchases from Australia, with June's shipment being only the second cargo this year after one in April. Prior to the April delivery, the last freight that India imported from Australia was in June 2023.
India's need for LNG is being enhanced by the strong rise in power need amidst an ongoing heatwave and robust financial growth.
Gas-fired electrical energy generation normally just represents around 2% of the India overall, with coal supplying 75%.
However, in May gas-fired generation rose to 3.1% of the overall, up from 1.6% in the exact same month in 2023, according to information from Grid India.
LNG in India is also utilized in commercial processes such as making fertiliser, and the strong economy is assisting to improve need. Gdp is growing 7.8% in the 2023-24 fiscal year.
The question for the LNG market is whether India's strong need is most likely to continue, or will it reduce amid the current greater prices for spot cargoes.
The area cost of LNG for delivery to North Asia << LNG-AS >,. the local criteria, was $12.60 per million British thermal. systems (mmBtu) in the week to June 21.
This was unchanged from the prior week, which in turn was. the highest rate in 6 months, and likewise up 52% from the low so. far this year of $8.30 per mmBtu, reached in the week to March. 1.
India has traditionally been considered as a price-sensitive. buyer, however the strength of demand from the robust economy and. the persistent high temperatures has actually sufficed to overcome. higher LNG costs.
There may be some remedy for temperatures in coming months. as the monsoon season brings rain and cooler weather condition, and while. the financial development rate is tipped to relieve, it is still expected. to remain around 6-7% in the existing .
The opinions revealed here are those of the author, a columnist. .
(source: Reuters)