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Trump threatens Rosie O'Donnell's U.S. Citizenship
The U.S. president Donald Trump said on Saturday that he may revoke the citizenship of talk show host Rosie O'Donnell after she criticised his administration's handling weather forecasting agencies following the Texas floods. This is the latest salvo of a long-running feud between the two over social media. Trump said on his Truth Social page that he was seriously considering removing Rosie O'Donnell's citizenship because she is not serving the interests of America. He cited a rationale for deportation the administration used to try to remove foreign born protesters from the United States. "She is a threat to humanity and should stay in the wonderful Country of Ireland if they wish her. "GOD BLESS THE USA!," he said. According to U.S. laws, a president can't revoke citizenship from an American who was born in the United States. O'Donnell was a New York State native. O'Donnell moved to Ireland with her son, 12, after Trump's second-term began. She had been a target of Trump's insults for years. In a TikTok clip from March, she said that she would move back to the U.S. when it was safe for Americans to enjoy equal rights. O'Donnell replied to Trump's threats in two posts posted on her Instagram page, saying the U.S. President opposes her "because she stands in direct opposition to all that he represents." Trump's dislike for O'Donnell goes back to 2006. At the time, O'Donnell was a comedian on The View and mocked Trump's handling of a scandal involving a Miss USA winner, which Trump owned. Trump's latest jab against O'Donnell was in response to a TikTok clip she posted in this month, in which she mourned the 119 people who died in the Texas floods on July 4, and blamed Trump's cuts to agencies that forecast major natural disasters. O'Donnell stated in the video, "What a nightmare in Texas." "And, you know, if the president guts the early warning system and the weather forecasting abilities of the federal government, this is what we're going to start seeing on a regular basis." Trump's administration as well as state and local officials have faced increasing questions about whether they could have done more to protect and warn the residents of Texas before the flooding that struck in pre-dawn U.S. hours. At least 120 people, including children, were killed during the Independence Day holiday of July 4. Trump visited Texas on Friday and defended his government's response, saying that they "did an amazing job under the circumstances." (Reporting and editing by Joey Roulette, Don Durfee, Alistair Bell).
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India relaxes the sulphur emissions rules for coal-fired power plants, reversing a decade-old mandate
A government order stated that India reversed its ten-year-old mandate for the installation of $30 billion in clean-air equipment and lowered sulphur emissions rules at most coal-fired plants. In December, it was reported that the government is reviewing 2015 standards that require nearly 540 coal based power plants to install flue gas desulphurisation systems (FGD), which removes sulphur in the exhaust gases of the plants in phases beginning in 2027. The Federal Environment Ministry issued a gazette notice late Friday that exempted from the 2015 mandate 79% of coal-fired plants outside of a 10-km radius (6 miles) of populated and pollution-prone cities. In the notification, it was stated that the decision to install FGD in another 11% plants located near cities would be made on a case-by-case basis. According to the new directive, the remaining 10% of coal-fired plants located closer to New Delhi or other cities with more than a million people will have to install desulphurisation equipment before December 2027. About 50% of units have either ordered desulphurisation equipment or are installing it. The notification of Friday did not mention any impact on competitiveness or cost recovery by these power plants. The Central Pollution Control Board had conducted a detailed study of the increased "carbon dioxide emissions into the atmosphere as a result of control measures being implemented." (Reporting and editing by Sarita Chandanti Singh)
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Workers at Thyssenkrupp Steel agree to site closures and reduced working hours
Thyssenkrupp, the largest German steelmaker, and the trade union IG Metall announced on Saturday that they had reached an agreement on reduced work hours, lower bonuses and site closures. The agreement with steelworkers marks a significant step in Thyssenkrupp’s restructuring. Under this plan, the former German industrial giant plans to become a holding company. It comes after tensions between management and labor representatives were renewed. The implementation of the new collective agreement, which will run until September 30, 2030 at Thyssenkrupp’s steel unit TKSE, is subject to approval by IG Metall's members and a future agreement regarding the financing of the division, according to the company. Thyssenkrupp announced that it would have to cut up to 11,000 positions at its steel unit, TKSE. It also said that the annual production capacity of 11.5 million tonnes to 8,7-9,0 million tons. Tekin Nasikkol is the head of Thyssenkrupp’s work council and a member of the supervisory board. Nasikkol stated in a press release that "we have created the conditions to allow the company itself to come out of the difficult situation." Thyssenkrupp wanted to conclude a restructuring agreement by the summer. Both sides are aiming to finalise their current agreement by September 30. The wage agreement is seen as a major hurdle that must be overcome before Thyssenkrupp sells an additional 30% of TKSE shares to Czech billionaire Daniel Kretinsky as planned. The investor owns 20% of TKSE via a holding firm. (Reporting and editing by Sharon Singleton, Tomaszjanowski and Christoph Steitz)
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Shell Secures Drilling Permit off South Africa's West Coast
Shell has been granted environmental authorisation to drill up to five deep-water wells off South Africa's west coast, the company said on Friday.The oil major applied for authorisation last year and plans to drill exploration or appraisal wells in the Northern Cape Ultra Deep Block in the Orange Basin, at water depths ranging between 2,500 metres (8,200 ft) and 3,200 metres (10,500 ft).Oil companies, including TotalEnergies, are aiming to drill off South Africa's west coast, where the prolific Orange Basin extends southwards into the country's waters, with hopes of replicating significant discoveries made in neighbouring Namibia."Should viable resources be found offshore, this could significantly contribute to South Africa’s energy security and the government’s economic development programmes," Shell said in a statement without providing any timelines.Shell's previous exploration programme along South Africa's east coast has been disrupted by court litigation over concerns about lack of public consultation and that seismic surveys may harm the marine environment.The long-running case is expected to be heard in South Africa's highest court later this year and could either help usher in a new exploration boom or dampen expectations.Mounting environmental pressures, including a bevy of court actions to halt drilling, and cumbersome bureaucracy have stifled South Africa's ambitions to develop its oil and gas potential.Africa's most industrialised economy has lost around half of its refinery capacity over the last few years and depends even more now on imports of refined petroleum products to meet rising demand.(Reuters - Reporting by Wendell Roelf. Editing by Sfundo Parakozov and Mark Potter)
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries a day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists clashed with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's mass deportation campaign of illegal immigrants living in the U.S. According to estimates, the Trump administration has given contradictory statements on whether it will target farm workers, of whom about half are not authorized to work in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a X post that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for a comment. According to pictures and videos, the scene on the farm was chaotic on Thursday, as federal agents in helmets and masks used tear gas and smoke cannisters against angry protesters. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. Romero stated that "These violent, cruel, and criminal federal actions terrorize American Communities, disrupt the American Food Supply Chain, threaten lives, and separate families." The DHS didn't immediately respond to an inquiry for comment about the group’s statements. Farm groups have warned against the mass deportation farmworkers, saying that it would cripple Canada's food supply. Brooke Rollins, the Agriculture secretary, said in her latest comments that there will be "no amnesty" Farmworkers are protected from deportation. Trump has, however, said that migrant workers Should be allowed Stay on the farm. Reporting by Leah Douglas, Washington; editing by David Gregorio
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As Trump announces tariffs against imports from Canada, stocks and the Canadian dollar fall
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also awaited an announcement by Trump regarding tariffs against the European Union. This move will likely trigger a tit for tat response from Europe and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in one month. He also said he planned to impose tariffs blankets of 15% or 20 % on most other trading partner. The reaction to tariff news has been more muted than it was in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, stated that this may change if there is no progress on tariffs. "I don’t think the market is able to take Trump's tariffs forever and on repeat." He said that the market's resilience in the face the tariffs, all the changes to the rules and rates, the delays, the extensions, the surprises and pauses was remarkable. If we don't see more results, the market could have another tariff meltdown similar to April. He said that the second-quarter results could still benefit stocks. Dollarhide stated that "that could be a salvation for the markets, if they started paying attention to earnings once again." JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. The Dow Jones Industrial Average dropped 279.13 points or 0.63% to 44,371.51, while the S&P 500 fell 20.71 points or 0.33% to 6,259.75, and the Nasdaq Composite lost 45.14 points or 0.22% to 20,585.53. The three major U.S. indexes of stocks were all down this week. Nvidia shares rose by 0.5%, reaching a new high. The stock market value of Nvidia now stands at $4.02 trillion. AeroVironment, a drone manufacturer, rose by 11% following an order from U.S. Secretary of Defense Pete Hegseth to increase drone production and deployment. The MSCI index of global stocks fell by 3.85 points or 0.42% to 922.37. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight." Three consecutive days have passed since the announcement of tariffs. They seem to come at random, so it's hard to predict what's going to happen," said Wasif latif, chief executive officer of Sarmaya Partners. The Canadian dollar fell 0.25% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.33%, reaching 97.91. The euro fell 0.15% to $1.1682. Bitcoin reached another record high and was last up by 3.84%, to $117,946.74. Crypto investors believe that the expected policy changes for the industry next week could attract new investment into the asset class. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe-haven assets in the face of trade tensions. Investors focused on the consumer price index report due next week, which may show that prices increased in June. As it awaits the impact of tariffs, the Federal Reserve will likely keep interest rates at current levels. The yield of the benchmark 10-year U.S. notes rose 7.7 basis points to 4.423%. The yield on interest rate-sensitive 2-year notes climbed 4.4 basis to 3.912%. The International Energy Agency said that the market is tighter than it appears. Brent crude futures gained $1.72 or 2.5% to settle at $70.36 per barrel. U.S. West Texas Intermediate Crude gained $1.88 or 2.8% to settle at $68,45.
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries sustained the day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists fought with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's campaign of deporting all illegal immigrants living in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a post to X that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for comment. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. The DHS didn't immediately respond to an inquiry for comment about the group’s statements. (Reporting and editing by David Gregorio in Washington, Leah Douglas reported from Washington)
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The European Commission has proposed a cap on Russian oil prices at 15% less than global prices
EU diplomats reported that the European Commission on Friday proposed a price cap for Russian crude oil at 15% less than the average price on the market in the three previous months. Since the beginning of the year, the European Union and Britain has been pressing the Group of Seven to lower its cap. This is because the oil futures market fell so much that the $60 per barrel price became largely insignificant. Brent crude prices have since recovered and Friday settled at $70.36 a barrel. The G7 price ceiling, which was intended to curb Russia's capacity to finance the Ukraine war, was initially agreed in December 2022. One diplomat added that the new floating cap will be adjusted according to the average monthly price. Although the EU diplomats who spoke to the media were not authorized, they said that technical details about the proposal needed to be clarified, the idea appeared to calm the fears of Malta, Greece, and Cyprus, the EU's maritime state. The U.S. government has refused to lower the cap despite repeated requests from European leaders. This led the Europeans, who have been pushing for this reduction, to act on their own. On Friday, the price of Urals oil in Russia remained 2 dollars per barrel under the limit of $60 per barrel. The cap prohibits the trade of Russian crude oil transported on tankers at a price above $60 per barrel. It also prevents shipping, reinsurance and insurance companies from handling cargoes containing Russian crude throughout the world, unless they are sold below the cap. In June, the Commission proposed to lower this cap from $60 per barrel to $45 per barrel as part its 18th package sanctions against Russia. The Kremlin stated on Friday that it has a lot of experience in dealing with challenges, such as the introduction by the European Union of a Russian oil price cap which is based on float. EU sanctions can only be adopted if all member states agree.
European shares lower on earnings, bonds boosted after Fed, BoE
Significant European equity markets were lower on Thursday after a raft of business revenues in the U.S. and Europe, while a rate cut in the UK and prospects of upcoming policy reducing in the United States increased worldwide bonds.
The Federal Reserve held rates of interest steady on Wednesday but opened the door to a cut in September. The Bank of England took a march on the Fed on Thursday by decreasing borrowing costs by a quarter-point in a narrow 5-4 vote.
Major European markets were primarily lower with the pan-European STOXX 600 down 0.3%, and Germany's DAX and France's CAC 40 both nursing losses of over 0.9%.
The reality that some heavyweights are cutting assistance does not bode well going forward and might well explain why European markets are underperforming, said Stephane Ekolo, equity strategist at TFS Derivatives.
Disappointing set of results, slowing development for industrials, Chinese customers no longer there to rescue demand and a possible renewal of inflation. You have a not so pleasant cocktail.
Britain's FTSE 100 bucked the trend, benefitting from a weaker pound after the BoE's rate cut. The more domestic-orientated FTSE 250 increased 0.7% to its highest given that Feb. 2022.
If you look at the headlines that Bailey produced: care on cutting too quickly or by too much, it implies to me that they're looking at a consistent quarterly pace of decreases, stated Colin Asher, financial expert at Mizuho.
I would say that makes a cut in the next conference in September unlikely. The start of lower interest rates is underway, but reasonably gradually.
Nasdaq futures got 0.6% as shares of Facebook-parent Meta Platforms rose 7% pre-market on strong earnings. The index rose 3% on Wednesday, while the S&P 500 climbed up 1.6%.
U.S. tech stocks have made an extraordinary resurgence after the recent sell-off. AI beloved Nvidia rallied 13% on Wednesday, adding about $330 billion in stock market worth.
Tech giants Apple and Amazon.com will report their earnings later Thursday.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.5%, after ending July mostly flat. A. regional MSCI IT index leapt 1.7% and Taiwan's. shares surged 2%.
Japan's Nikkei, nevertheless, tumbled 2.5% as a sharp. jump in the yen clouded the outlook for exporters.
The Japanese yen rallied to as much as 148.51 per. dollar its strongest level since March 15, a day after the Bank. of Japan raised interest rates for the 2nd time in 17 years. and signified more tightening to come.
It was last down 0.3% at 150.35.
FED SIGNALS SEPTEMBER CUT
Eyes stayed on the U.S. monetary policy outlook after Fed. Chair Jerome Powell stated policymakers had a genuine conversation. about cutting at the July meeting.
The central bank also stated the risks to employment were now. on a par with those of increasing prices.
As an outcome, markets - which have already bet on a September. cut - are betting on a 10% chance that the Fed may go for a 50. basis points reducing in September. For all of 2024, they have. priced in a total easing of 72 basis points.
The statement was noteworthy because they removed the. tightening predisposition and changed it with a more neutral predisposition, said. Jan von Gerich, chief expert at Nordea.
It's early but the reality we haven't truly seen the rally. continue recommends that markets might be trying to capture some. breath before tomorrow's payrolls report.
Treasuries extended their gains from Wednesday with the. yield on 10-year Treasuries down 5 basis points to. 4.0564%, having dropped as much as 11 bps the day before to the. least expensive because March, before ending lower by 3.5 bps. Yields move. inversely to rates.
After falling 0.4% on Wednesday, the dollar index. rebounded 0.3%, with the euro down 0.4%. Sterling. dropped 0.6% after the BoE's rate cut.
In product markets, oil costs extended their surge after. the killing of a Hamas leader in Iran raised the threat of a. broader Middle East conflict.
Brent unrefined futures increased 0.9% to $81.53 per barrel,. while U.S. West Texas Intermediate unrefined futures. increased 0.9% to $78.62 per barrel.
Brent leapt about 2.3%, while U.S. crude increased over 4% in. the previous session.
Gold was down 0.5% at $2,436 an ounce.
(source: Reuters)