Latest News
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Brest coach Eric Roy dies at age 58
His family announced on Wednesday that Eric Roy, a Brest coach, died after battling pancreatic cancer. Roy, who led one of the 'unlikeliest success stories in recent European Football, kept his illness a secret for three-and-a-half years. Roy was appointed in January 2023, after a decade of not managing a team. Brest were widely expected to be relegated. He?guided his club to an unexpected third place finish in Ligue 1 'in the 2023-24 campaign, securing the first qualification of their club for European competitions and earning a?league Manager of the season award. His?time at Stade Brestois?was one the most beautiful times of his life. His family stated in a statement that it gave him energy, joy, and a purpose to keep going even during the most difficult times. "He built a wonderful and rare bond with his players." He was deeply in love with them, and he was incredibly proud to be their coach. Roy was a successful player in the 1990s before he moved into managerial and sporting director roles with clubs such as Nice, Lens, and Watford. He was a defensive midfielder who played for more than 300 games in France with teams such as Nice, Lyon, and Marseille.
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Trump thanked China's Xi and Russia's Putin for their 'neutrality' in the Iran war
?U.S. President Donald Trump described Russian President Vladimir Putin and Chinese President Xi Jinping as "neutrals" in the war against?Iran on Wednesday, claiming they hadn't thwarted him efforts to curb Tehrans n?uclear ambitions. Trump stated that the ceasefire agreement made the situation "a lot better". At a press briefing at the Group of Seven Conference in Evian-les-Bains (France), Trump told reporters that he was grateful to the leaders who stayed out of the conflict. "I would like to thank China and President Xi. "I was with him and he stayed totally neutral and I appreciated it," said?Trump. "I want to thank Vladimir Putin for his neutrality. They could have made things much harder for us." Trump's remarks contrasted with his criticism of U.S. Allies,?from Japan and Europe, who he criticized for failing to help in the military operation, or the subsequent efforts to open the Strait of Hormuz - the Iran-blocked trade route. Beijing and Moscow maintain strong ties with Tehran. Russia has warned that the conflict could result in a nuclear arms race across the Middle East. Beijing has called Washington's attacks on Tehran a flagrant violation of its sovereignty. People familiar with the situation say that U.S. officials believe Beijing provided Tehran with goods which could be used for military purposes. China's independent refiners have been Iran's main customers during the conflict despite U.S. sanctions. Trump, however, said that Xi's help in resolving this conflict was very helpful and he avoided sending "big weapons" or shoulder-fired SAMs. They could have sent in a ship of oil with six destroyers on either side. They didn't. President?Xi was there to help me. Trump said that he tried to "help" and he probably helped get the problem solved. The embassies in Washington of China and Russia did not respond immediately to a comment request. Reporting by Steve Holland, Trevor Hunnicutt and Michelle Nichols; Editing by Alistair Bell and Michelle Nichols
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US official: Parties can still withdraw from Iran deal; sequencing will be key
A senior U.S. government official told reporters that both Iran and the U.S. could walk away from the memorandum they were set to sign on Friday. Future 'talks' will likely?focus? on the exact sequencing of the steps outlined in the preliminary agreement, the official said. The official, who spoke under the condition of anonymity read out the 14 point memorandum which is to be signed in Switzerland. The official said that upcoming meetings in Switzerland will be "critical" to ensuring the memorandum can develop into a comprehensive agreement. A senior U.S. government official stated that the meeting in Switzerland would be crucial in determining how to move forward. It has to be "a situation where both sides... agree on a full magnitude of what both parties will?do, and then come to an agreement on a sequencing of who's going do what at what time, and that's where the crux is of the negotiations." The official read out a document that was very similar to a 14-point memo that several media outlets had already covered earlier in the day. The MoU stipulates that a 60-day extension of the negotiation period begins?upon signing the preliminary agreement. Iran will allow free?passage along the?Strait of Hormuz? for 60 days. The Islamic Republic will then discuss the administration of the strait with Oman and other Gulf powers. According to a senior official, Iran agreed as part of the MoU - at the very least - to "down-blend" the highly-enriched uranium it possesses. Officials said that Benjamin Netanyahu, the Israeli Prime Minister, who had previously claimed he hadn't seen the MoU in its formal form, had, to their knowledge, not requested a copy.
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Ruto: Kenya and US are close to a critical mineral deal
Kenya is nearing a deal to process its own minerals in the U.S., said its president on the'sidelines of the G7 Summit on Thursday. He called for a wider reset between Africa and the 'West. In recent years, countries across Africa have been pushing to process more minerals produced domestically. This is a move towards keeping more value in Africa. William Ruto, who represented one of the several partner countries at the summit held on the shores Lake Geneva, told an interviewer that the agreement covering rare earths, other strategic minerals and the like was already being worked on and could be completed soon. He said that he and G7 leaders including Donald Trump, the U.S. president, had agreed to process the minerals in Kenya. "We have agreed with them what is mutually beneficial for Kenya and the United States, and President Trump as well as the American administration are pleased with that." WESTERN STATES competing with CHINA The agreement reflects an effort by African nations to shift away from the decades-old model of exporting raw materials. This is because competition between Western nations, and China for access to resources required for energy transitions and advanced technologies has intensified. Ruto stated that "it's the exact same thing they do in DRC" (Democratic Republic?Congo), to ensure that any agreements or deals crafted are ones that will benefit the country. These natural resources cannot be processed and exported elsewhere. These resources must be processed within the country and continent. "We have to create value from them," said he. Kenya also has untapped deposits of lithium, graphite and copper, in addition to rare earths. INVESTMENT IS BETTER THAN AID The G7 leaders decided on Wednesday to increase coordination in order to reduce their countries' dependence on China for essential minerals. This includes plans to align stocks and launch a platform with a larger role for the International Energy Agency. Ruto agreed with Trump, saying that partnerships should be built around investment and not aid. He added that the continent did not want relationships based on dependency or resource extraction. Ruto stated that "we will reject any relationship based on the extraction of our natural resource," calling for a shift towards job creation, industrial growth and shared returns. Ruto stated that Kenya and other African countries would not choose between Washington or Beijing but rather pursue multiple partnerships aligned to their own economic priorities. "There are many opportunities for everyone," he said. He added that Africa recently concluded trade agreements with China, and that he hoped there would be a deeper engagement now with the United States of America and Europe. BARRIERS BLOCKING CAPITAL Ruto told reporters that he has told G7 leaders to support the changes in global financial system. He argued that Africa's biggest constraint is not a shortage of capital but rather barriers to accessing this capital. "We do not lack capital... we just need a framework for mobilising it", he said. He pointed to the trillions of dollars in African pension funds and insurance assets, as well as reserves. He urged G7 countries to provide guarantees and risk sharing mechanisms that would help unlock capital and reduce borrowing costs. He said that the G7 leaders have signaled their support for developing and strengthening African financial institutions, such as African Trade & Investment Development Insurance. Ruto stated that "Africa isn't a problem which needs to be resolved." "It's an opportunity for global progress." (Reporting and editing by Jan Harvey; John Irish)
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Trump claims that 'nobody attacked Iran girls school on purpose'
U.S. president Donald?Trump stated on Wednesday that a?girls' school in Iran was not attacked deliberately in February. He cited?an investigation of the incident. First reported that an initial internal U.S. Military investigation indicated U.S. Forces were most likely responsible for the deadly strike in Minab, southern Iran. Since then, the Pentagon has elevated its investigation but hasn't acknowledged any preliminary results. According to Iranian officials, the strike on February 28th, the first day in the conflict, resulted in the deaths of more than?175 teachers and children. Trump said, "That is under investigation" at a press event held on the sidelines of a Group of Seven meeting in Evian-les-Bains in France. He added, "Mistakes are made in war." "Nobody did it on purpose." Trump claimed at first, "without any evidence," that Iran was to blame. Since then, he has said that he doesn't know enough about the attack, that an inquiry is underway and that he accepts the results. The head of U.S. Central Command stated last month that the investigation into the attack on the girls' school was "complex", given that the school?was situated on an active Iranian missile base, but he said the probe is nearing its conclusion. The school's website shows that the school is located 'next to' a compound run by the 'Islamic Revolutionary Guard Corps', the military force which reports directly to Iran's Supreme Leader. Citing sources familiar with the issue, it was reported that U.S. officials who were responsible for creating targeting packages used outdated intelligence.
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Nippon Steel's US Steel earnings are boosted by a strong American steel market
Nippon Steel is the world's third largest steelmaker. Vice Chairman Takahiro Mori, the vice chairman of U.S. Steel, said that he expects the American steel market to be buoyant. This is supported by import tariffs and resilient consumer demand. "We're confident that the U.S. "We are confident that?U.S. He predicted that U.S. Steel will generate a profit of between 300 billion and 400 billion yen per year in the long term. Mori described U.S. market conditions as favourable. Hot-rolled steel sheets are priced at more than $1,200 per ton. This is double what they cost in Asia. U.S. steel reopened an Illinois blast furnace that had been idle in March to take advantage of the favorable pricing environment. It is now operating it at full capacity. His comments follow a year after Nippon Steel completed the $14.9 billion purchase of U.S. Steel, following an 18-month battle in Washington over political and regulatory issues. Mori stated that about 100 Nippon Steel employees seconded to Japan are working on operational improvement initiatives. These initiatives help boost yields and create synergies. Mori said that U.S. Steel has approved about one-third the $11 billion Nippon Steel investment package through 2028. Returns are expected to grow to $3 billion per year by 2035. Mori acknowledged the risks of inflation-driven costs pressures and labour shortages, as projects compete to attract workers. But he said that?U.S. The government has not interfered with management decisions since the deal closed, even though it holds a golden stake. Mori stated that Nippon Steel will continue to pursue overseas growth, "focusing on the U.S.A., India Thailand and Europe." Mori stated that the company aims to increase its overseas profit to 500 billion yen (nearly five times fiscal 2025 level) by 2030. Mori, the person who led negotiations for U.S. Steel's acquisition, stated that global structural changes had made it more important for overseas companies to establish relationships with government officials, and align their investments and operations with industrial policies.
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Aramco is lining up asset sales to raise tens and tens billions, according to sources.
Sources say that Aramco invited banks to bid for Project Yellowstone last month. Sources estimate that the sulphur stake sale could generate up to $7 billion. Sources claim that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco is considering selling a stake in the sulphur business, according to three sources familiar with the matter. This would be part of its strategy of tapping into its infrastructure assets for tens and tens billions of dollars. Aramco is the crown jewel of world's biggest crude exporter. It has been looking for outside capital in order to fund the kingdoms ambitious diversification program amid mounting financial pressure. Exclusively reported last year, the oil giant was actively looking to sell assets, improve efficiencies and reduce costs. According to sources and calculations, the total value of assets that it could tap into for fundraising purposes would be around $50 billion. Sources say that Aramco invited banks last month to pitch for the sulphur project, internally known as Project Yellowstone. One source added that the deal could raise $7 billion. Aramco,?the world's largest energy company, declined to make a comment. Sulphur is produced when raw gas is stripped off hydrogen sulphide in order to export it. Aramco's trading arm sells sulphur, and describes itself as one of the biggest exporters in the Gulf and Red Sea regions on its website. Three people confirmed that the assets for possible?sale are sulphur export and storage terminals. The three people said that Aramco was still reviewing the assets to be included in a sale and a deal wouldn't be announced before next year. Other Assets for Sale Aramco, which is owned by the Saudi government, the sovereign wealth fund, and other related entities to the company, is the largest source of revenue for the Kingdom through dividends and royalty payments. The $100 billion Jafurah project is the company's main goal to become a global player in natural gas. It signed a $11 billion lease-and-leaseback agreement with Global Infrastructure Partners, a consortium headed by BlackRock. Two sources say Aramco has also considered a deal that involves its oil export terminals. One source estimates the value of these assets to be up to $25 billion. Aramco is awaiting a easing of regional tensions before launching this process. This will likely happen in the second half. Aramco’s real estate portfolio, including its campus headquarters, is also being considered, according to one of three sources. A fourth source indicated that the property was valued at around $10 billion. Two people have said that it could raise $500 million by selling water infrastructure assets linked to its crude oil operations (code name Project Hydro). One of the sources and one of the people said that the UAE-based Metito Utilities and Miahona, a water and wastewater infrastructure company, are interested. Metito refused to comment on Aramco's assets, but stated that it evaluates "opportunities" across all of its markets. Miahona didn't immediately respond to an inquiry for comment. Four sources requested anonymity as the discussions are private. Aramco had been reported to be working on selling gas-fired plants worth at least four billion dollars.
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Aramco is lining up asset sales to raise tens and tens billions, according to sources.
Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source said that the sale of sulphur stakes could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and Yousef Saba DUBAI, 17 June - Saudi Aramco 'is evaluating the sale of its sulphur division, according to three sources familiar with the matter. This is part of a strategy that aims to tap into the infrastructure assets of the company in order for it raise tens and tens billions of dollars. Aramco is the crown jewel of world's biggest crude exporter. It has been looking for outside capital in order to fund the kingdoms ambitious diversification program amid mounting financial pressure. Exclusively reported last year, the oil giant was actively looking to sell assets, improve efficiencies and reduce costs. According to sources and calculations, the total value of assets that it could tap into for fundraising could be around $50 billion. Sources say Aramco invited banks last month to bid for the sulphur project, also known as Project Yellowstone. One source added that the deal could raise $7 billion. Aramco is the largest energy company in the world. It did not respond immediately to a comment request. Sulphur is produced when raw gas is stripped from hydrogen sulphide in order to export it. Aramco's trading arm sells sulphur, and describes itself on its website as being one of the biggest exporters in the Gulf and Red Sea regions. Three people have said that the assets for sale are centered around terminals and storage facilities for sulphur. Aramco, according to one source, is still deciding which assets will be included in the deal and it won't be announced before next year. Other Assets for Sale Aramco, which is owned by the Saudi government, the sovereign wealth fund, and other related entities to the company, is the largest source of revenue for the Kingdom through dividends and royalty payments. The company's goal is to be a global leader in natural gas, and the $100 billion Jafurah project is the center of its ambitions. The company signed an $11 billion agreement with Global Infrastructure Partners, a consortium headed by BlackRock, to lease the Jafurah Gas Processing Facilities. Two sources say Aramco has also considered a deal that involves its oil export terminals. One source estimates the value of these assets to be up to $25 billion. Aramco is waiting for "regional tensions" to ease before launching this process, which will likely happen in the second half year. Aramco’s real estate portfolio, including its campus headquarters, is also being considered, according to one of three sources. A fourth source indicated that the property was valued at around $10 billion. Two people have said that it could raise $500 million by selling water infrastructure assets linked to crude oil operations. One source and another person said that the UAE-based Metito Utilities and Miahona, a water and wastewater infrastructure company, are interested. Metito refused to comment on Aramco's assets, but stated that it evaluates "opportunities" across all of its markets. Miahona didn't immediately respond to an inquiry for comment. Four sources requested anonymity as the discussions are private. Aramco had been reported to be working on selling gas-fired plants worth at least four billion dollars.
Oil and stocks are higher following recent losses.
The U.S. Dollar and major stock indexes gained on 'Wednesday, ahead of Kevin Warsh making his debut as Federal Reserve Chair. Oil prices also rose after doubts arose over the U.S. Iran peace deal.
At the first Fed meeting, which will be chaired Warsh, the Fed is expected hold the interest rate steady. A new policy statement as well as economic projections are likely to reflect the growing concern over the inflation caused by the Iran War even after the recent peace agreement.
In March, most committee members projected that they would cut rates.
Adam Sarhan of 50 Park Investments, New York said: "This is Warsh’s first time in the Fed chair. There's a great deal of anticipation not only on what he'll do today... but also his communication."
Donald Trump, the U.S. president, said that his new ceasefire with Iran was not final. He could resume war if unsatisfied. Israel has launched new airstrikes on Lebanon.
Prices of oil rose this week after dropping earlier in the week. Prices had started to lower fears of an economic slowdown, especially in Europe which imports energy. According to the?International Energy Agency, the oil market will move into a significant surplus in 2027 once it recovers from the Strait of Hormuz closure.
U.S. crude climbed 0.85% to $76.70 per barrel. Brent rose to $79,51 per barrel. This is a 0.7% increase on the day.
The Dow Jones Industrial Average rose by 202.89, or 0.39 percent, to 52.202.56. The S&P 500 gained 6.80 points or 0.09% to 7,518.15 while the Nasdaq Composite grew by 17.05 points or 0.07% to 26,393.40.
The MSCI index of stocks around the world rose by 2.81 points or 0.25 percent to 1,131.11. The pan-European STOXX 600 rose by 0.52%.
BMW shares fell after the German carmaker slashed their 2026 outlook. They cited a 'downturn in China' and the U.S./Israeli war against Iran.
SpaceX shares are down for the first time since the stock debuted on the market last Friday. Last week, the stock fell 2.3%.
DOLLAR HOLDS FIRMS
The dollar rose in anticipation of the comments Warsh would make. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.14%, to 99.69. Meanwhile, the euro fell 0.14%, to $1.1591. The dollar fell 0.16% against the Japanese yen to 160.19. The yield on the benchmark 10-year U.S.?notes increased 0.75 basis points to 4.436% from?4.428% at late Tuesday.
The euro zone government bond market rallied for a fifth consecutive day on the back of lowered inflation expectations. This is their biggest rally since February. German 10-year yields, which are used as a benchmark in the Eurozone, fell to their lowest level since early April. (Reporting from Caroline Valetkevitch and Danilo Maasi in New York; additional reporting by Tom Westbrook, Editing by Thomas Derpinghaus and Kirsty Donovan; Nia Williams and Thomas Derpinghaus)
(source: Reuters)