Latest News
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The death toll from the Indonesia quarry collapse is now 17.
The search and rescue agency Basarnas announced that Indonesian authorities would continue their search on Sunday for the eight people who are trapped in the rock collapse of a West Java quarry, where 17 have died, with six others injured. In a late-night statement, the agency stated that the toll reported by victims' families is only provisional. West Java Governor Dedi Mullyadi wrote on Instagram that the site of the Friday's collapse is dangerous, and "doesn't meet safety standards for employees". In a press release, the Energy and Mineral Resources Ministry stated that it would investigate the cause and assess the potential for further landslides. Muhammad Wafid said that Cirebon Regency was prone to soil movements, particularly when rainfall is above average. The area where the collapse occurred also has a steep slope. Wafid stated that the steep slope and undercutting technique used in the open mine area may have also played a part in the collapse. Wafid stated that "rescuers" should pay attention to weather conditions and steep slopes and avoid carrying out any activities in the area during or after heavy rain because the area is still prone to further landslides, which could hit and bury officers. (Reporting and editing by William Mallard in Jakarta, Bernadette Cristina in Jakarta)
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Saudi Arabia and Qatar will provide financial support for Syria's government employees, Saudi Foreign Minister says
Saudi Arabian Foreign Minister Prince Faisal Bin Farhan Al Saud announced on Saturday that Saudi Arabia and Qatar will offer financial support jointly to Syrian state employees. Bin Farhan, speaking at a press briefing in Damascus with Asaad Al-Shibani, his Syrian counterpart, said that the kingdom and Qatar would provide joint financial support for state employees in Syria. He did not give details about the amount of financial support that Riyadh or Doha will provide. It echoes the sentiments of a Similar Move In a joint statement released by Saudi Arabia on Saturday, the two countries said that they would provide financial support over a period of three months. The move was a result of an earlier contribution Saudi Arabia and Qatar settled Syria's outstanding arrears to the World Bank of approximately $15 million in April. The Saudi Foreign Minister's visit follows a U.S. surprise announcement made on Lifting sanctions On Syria's islamist-led government that overthrew former president Bashar al Assad in December. U.S. president Donald Trump The decision was made during his recent Middle East visit. It was said to be at the request of Saudi Arabia's Crown Prince, whose nation was the main advocate of lifting sanctions. Recent economic sanctions against Syria were also lifted by the European Union. Bin Farhan spoke of his country's contribution to the lifting of economic sanctions against Syria and said that Saudi Arabia will continue to be a major supporter of Syria in its efforts to rebuild and recover economically. He claimed that a high-level delegation of the Kingdom's economic sector was accompanying him to "hold discussions (with the Syrians) to strengthen aspects of cooperation in different fields". He said that Saudi businessmen would visit Syria in the next few days to discuss investment in energy, agriculture and infrastructure, among other sectors. After the fall of Assad, the Syrian leadership wants to improve ties with Arabs and Western leaders. The state hopes that a flood of aid and investment from Gulf neighbors after the lifting of sanctions will help rebuild a country ravaged by conflict. The Syrian President's Office reported that Sharaa, the Syrian Minister of Foreign Affairs, is scheduled to visit Kuwait this Sunday, upon an invitation from Kuwait's Emir, Sheikh Meshal Al-Ahmad Al-Sabah. The source stated that Sharaa will discuss various aspects of economic and political cooperation during his first official trip to Kuwait. Menna Alaa and Muhammad Al Gebaly, Menna Alaa and Jaidaa THA (Reporting and Writing)
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Wildfire smoke exposure may shorten lung cancer survival
A large California study, presented on Saturday at a major medical conference, found that exposure to wildfire smoke can increase the risk of lung cancer patients dying, especially among non-smokers. However, certain cancer treatments may mitigate this effect. Researchers followed up on more than 18000 people diagnosed with non-small-cell lung cancer, the most common type of lung cancer. This was between 2017 and 2020. Researchers found that those who lived in areas with high levels of air pollution caused by wildfires in the first year following their cancer diagnosis had a higher risk of dying from the disease. Researchers reported that patients who inhaled high levels of small particulate matter, with a diameter of less than 2.5 microns and can penetrate deep into the lungs, had a 20% higher risk of lung cancer death. Researchers found that people with advanced cancer stage 4 who have never smoked are particularly affected. Researchers found that their risk of death from cancer increased by 55% if they were exposed high levels of air pollution caused by wildfires. This study relied on advanced modeling to estimate the daily air quality of patients' homes, using data from satellites. weather models, smoke predictions, and air quality monitors. Researchers also found that wildfire exposure did not have a significant impact on the survival of Stage 4 lung cancer patients who had smoked in the past and were being treated with immunotherapy drugs. Researchers said that this surprising trend indicates that changes caused by smoking in the body could interact with certain treatments. Further study is needed to understand this phenomenon. Smoke from wildfires is more toxic than air pollution. It contains soil particles, biological materials and traces of metals, plastics, and other synthetic materials. Surbhi Singhal, a researcher at the UC Davis Comprehensive Cancer Center, Sacramento, California, said: "As wildfires are becoming more intense and frequent in California and elsewhere in the U.S. we need to develop targeted health strategies that protect cancer patients as well as those with other serious health issues." Reporting by Nancy Lapid, Editing by Bill Berkrot
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EU Commission regrets'strongly,' the announcement of an increase in US Steel Tariffs
The European Commission announced on Saturday it regrets "strongly" the increase in U.S. steel tariffs that was announced and that they are prepared to take countermeasures. Donald Trump, the U.S. president, said on Friday that he would increase import tariffs for steel and aluminum from 25% to 50%. This will put more pressure on steel producers around the world and intensify his trade war. In an email, a spokesperson for the European Commission said: "We regret the announcement of the increase in U.S. steel tariffs from 25% up to 50%." The spokesperson stated that the decision "adds further uncertainty to global economies and increases costs for businesses and consumers on both sides" of the Atlantic. "The tariff increase also undermines the ongoing efforts to find a negotiated resolution." The spokesperson stated that the European Union has paused their countermeasures in order to allow for further negotiations. The spokesperson stated that "the EU is ready to take countermeasures in response to the recent tariff increases by the United States". The European Commission is in the process of finalising consultations regarding expanded countermeasures. "If no solution can be reached that is mutually acceptable, existing EU measures and any additional EU actions will take effect automatically on 14 July - or earlier if the circumstances demand," they said. Reporting by Lili Bayer, Editing by Kirsten Doovan
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OPEC+ has agreed to a 411,000 bpd increase in July oil production, according to sources
OPEC+ has agreed to increase July oil production by 411,000 barrels a day (bpd), the same as it did in May and June. Due to the sensitive nature of the subject, all sources declined to provide their names. Eight OPEC+ member countries are removing 2.2 million bpd of voluntary curbs that they imposed over and above earlier cuts. OPEC+ is a group of OPEC members, as well as allies like Russia. The current round of production increases began in April. Some of the eight producers are asked to reduce their production to compensate for past overproduction. Kazakhstan said Thursday it would not reduce production, leading to speculation that OPEC+ could go for a larger increase in July than 411,000 bpd. In April, oil prices dropped to a 4-year low. They fell below $60 per barrel as OPEC+ announced that it would triple its production increase in May. Meanwhile, tariffs imposed by President Donald Trump raised fears about the global economy. Prices were just below $63 per barrel on Friday. According to a Friday poll, the average global oil demand will grow by 775,000 barrels per day (bpd) in 2025. The International Energy Agency, in its most recent outlook, predicted an increase of 740,000 barrels per day.
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BP Lines Up Noble Rig for North Sea CCS Drilling Job
BP has hired Noble Corporation’s Noble Innovator jack-up rig for a drilling job related to carbon capture and storage (CCS) project in the North Sea.Under the contract, Noble Innovator will drill six firm wells for the Northern Endurance Partnership (NEP) project in the North Sea.BP provides operatorship services to NEP, with project partners Equinor and TotalEnergies. The contract is expected to start in the third quarter of 2026.It also contains an option for two additional wells, and is in direct continuation of Noble’s current contract with BP.To remind, the North Sea Transition Authority (NSTA) issued its first carbon storage permit to NEP for the CCS project off the coast of Teeside in December 2024. The partners also reached a financial investment close for the execution of the project.Permits and Funding in Place for UK’s First Offshore CCS ProjectThe project has the potential to store up to 100 million tonnes of CO2. The first CO2 injection could come as early as 2027, according to NSTA, with a permitted injection rate of 4 million tonnes per year.Averaged over a duration of 25 years, this could reach a total of 100 million tonnes, equivalent to taking 58.8 million cars off the road for a year. "Supporting the Northern Endurance Partnership advances our role in delivering the well infrastructure behind the UK’s net-zero ambitions. This award reinforces our leadership in offshore carbon storage, and we value the continued trust that bp places in our crews,” said Blake Denton, SVP Marketing and Contracts at Noble Corporation.
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Trump praises Nippon Steel for being a 'great partner" of U.S. Steel at a raucous rally
At a Friday political rally, U.S. president Donald Trump praised an "agreement", between Nippon Steel & U.S. Steel. He did not clarify if he intended to approve their diplomatically sensitive merger. Trump announced that the American Steel Company would remain American on a Pittsburgh stage, Pennsylvania, decorated with signs praising "American steel." He also praised its new Japanese partner. It's unclear if he has given his approval to a merger that would give Nippon ownership as requested by the companies, or if he has formally approved the deal. Trump said to more than 1,600 people wearing hard hats, "We are here today to celebrate an agreement that will ensure that this storied American Company remains an American company." You're going stay an American business, you know that right? We're going have a great partnership." The Japanese company's proposed acquisition of U.S. Steel in 2023 divided Pennsylvania, a politically significant state, and its heavily-unionized blue-collar workers. It also brought tension to the otherwise friendly relationship between Tokyo and Washington. The transaction's supporters hoped that Trump's trip would bring an end to a turbulent 18-month attempt by Nippon Steel, which was plagued by opposition from the union leadership and by two national security reviews. Trump stated that the company will be "controlled" by the USA, that there would be no layoffs and that Nippon Steel would invest billions in modernizing U.S. mills to increase their production. He announced a new plan that will be implemented by next week. Tariffs are being raised Import steel duty increased from 25% to 50% Trump's comments on Friday did not shed any further light on whether or not he would give a formal approval to a deal. Trump added, "I will be keeping an eye on it and it's going be fantastic." Requests for comments on the current status of the deal negotiations have not been responded to by the White House or the companies. Trump announced the rally last Friday and appeared to endorse this merger in a post on social media. This pushed the share price of U.S. Steel up by over 20%, as investors bet that he would give the merger the green light soon. He sowed doubt on Sunday by describing to reporters the deal as not the takeover Nippon seeks but an investment, with "partial ownership" and control located in the United States. U.S. Steel's headquarters is located in Pennsylvania. This symbolized the strength of the U.S. manufacturing industry at one time, but also the decline as steel factories and plants along the Rust Belt lost business to foreign competitors. In presidential elections, the state that is most closely contested is often a prize. Takahiro Muri, Nippon's Vice-Chair, said before Trump: "We wouldn't be here without President Trump. He has ensured the future of our company by approving this partnership." Ryosei Acazawa, Japan's chief trade negotiator told reporters Friday that he couldn't comment yet on the deal. "I'm aware of all the reports and posts made by President Trump in social media. There hasn't been any official announcement by the U.S. Government," Akazawa said, who was in Washington to negotiate tariffs. Trump has to make a decision by Thursday, after the Committee on Foreign Investment in the U.S. completed its second review last week. The timeline may slip. The road leading up to the rally on Friday has been bumpy. Nippon Steel made an offer of $14.9 billion to U.S. Steel for December 2023. They wanted to take advantage of the expected increase in steel sales due to the bipartisan Infrastructure Law. The tie-up was doomed from the beginning, as both Biden and Trump insisted that U.S. Steel be owned by Americans to win over Pennsylvania voters ahead of the presidential election in November. Biden, after the review in December 2008, blocked the deal on grounds of national security. The companies filed suit, claiming they had not received a fair review, an accusation that the Biden White House denied. Steel giants saw an opportunity with the Trump administration. The Trump administration opened a 45-day review of the proposed merger. Trump's public remarks, which ranged from welcoming the Japanese company to "invest" in U.S. Steel to suggesting that Nippon Steel should have a minority stake, did not do much to boost investor confidence. Last week, it was reported that Nippon Steel has proposed plans to invest up to $14 billion into U.S. Steel operations. This includes $4 billion for a new mill. If the Trump administration approves its merger bid. Reporting by Jeff Mason and Alexandra Alper, Writing by Trevor Hunnicutt, Additional reporting by Makiko Yazaki in Tokyo, and Nathan Layne, in New York, and Editing by Chizu Nomiyama Alistair Bell, and Chris Reese
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Trump plans to double steel tariffs from 50% to 100%
Donald Trump, the U.S. president, announced on Friday that he would increase the tariffs on steel imports from 25 to 50 percent. This will put more pressure on steel producers around the world and intensify his trade war. "We will be increasing the tariffs by 25%." "We are going to increase the tariffs from 25% to 50% on steel imported into the United States of America. This will further secure the American steel industry," he stated at a Pennsylvania rally. Next week, the new levy will come into effect. Steel tariffs Trump's return to office in January saw him impose levies and tariffs on aluminum. Tariffs of 25% were imposed on steel and aluminum imports to the U.S. in March. He had threatened a 50% tax on Canadian steel, but eventually backed down. The import tax is imposed under the Section 232 authority. This includes both raw metals as well as derivative products such as horseshoes or aluminum fry pans. According to Census Bureau Data retrieved by the U.S. International Trade Commission Data Web System, the total import value of the 289 categories in 2024 was $147.3 billion. Nearly two thirds were aluminum and one third steel. Trump's two first rounds of punitive duties on Chinese industrial products in 2018, during his first term, totaled $50 Billion in annual imports. (Reporting and editing by Chris Reese; Jeff Mason)
Investors see the beginning of a tectonic move away from US markets
The global money flows are being upended by a historic trade war, the proposed European fiscal bazooka of $1.2 trillion and China's rise as the leader in the tech race. This could be a turning point, with investor capital moving away from the United States.
China released more stimulus on Tuesday and pledged to make greater efforts in order to mitigate the impact of a escalating U.S. Trade War. The likely next German government had agreed to the largest overhaul of fiscal policy since the reunification.
The U.S. trade war, which began this week, is hurting the mood both inside and outside of the world's largest economy.
Investors have bet heavily on the "U.S. exceptionalism" for the past three years. The country has been ahead of other countries in terms of economic growth, stock market prices, artificial intelligent and many other areas.
Tim Graf, State Street Global Markets' head of macro strategy in EMEA, said: "The U.S. has changed, and the world is now saying that we must adapt, as the U.S. no longer is a reliable trade partner. We have to look after our own defence needs."
A rare divergence on global stock markets has been fueled by the change in sentiment.
The S&P 500 index has fallen 1.8% in the past year. However, European shares have risen almost 9% to a new record high. Tech stocks in Hong Kong are up nearly 30%.
The euro has soared above $1.07 for the first time in four months, and many banks have backed away from their calls to drop it to parity with the dollar.
According to weekly data released by the Commodity Futures Trading Commission, investors have cut their bullish dollar bets in half since the inauguration of U.S. president Donald Trump in January.
Dario Perkins is the managing director of global macro for TS Lombard.
The aggressiveness and threat of tariffs by Trump has forced other countries to spend even more.
In his first 44 working days, Trump has completely rewritten the playbook of foreign relations that had been in place since 1945. He's also launched a trade war with his largest trading partners, and forced European leaders into a radical rethinking of how they fund security.
The U.S. economic growth is slowing down due to tariffs and trade uncertainties. Companies that are more susceptible to a slower rate of growth are beginning to show cracks.
In the past month, an index of U.S. bank stocks has dropped 8% while its European counterpart has increased 15%.
Investors are diversifying away from the U.S. markets by pouring money into Europe.
Spending Big
The dollar looks less attractive as Europe and China are poised to spend large amounts.
"We were long the dollar against euro, and we closed this position more than a week ago. Mark Dowding is chief investment officer of RBC's BlueBay Fixed Income team. The behaviour of Trump has reduced the appeal for U.S. investments in general.
The government has taken several steps to encourage spending at home after investors sold Chinese assets in the past year. As the economy slowed, and wealthy consumers closed their wallets, it took several measures to encourage domestic consumption. Many still saw China as an uninvestable country in the absence a jumbo-stimulus plan, as tensions from a real estate bubble burst that affected both companies and homeowners remained.
Lipper data shows that the almost uninterrupted outflows of China-focused funds following Trump's victory in November have reversed to some $3 billion in early February.
Megacap tech stocks are a major draw for the U.S. Stock Market. Nvidia has been a leader in the AI investment revolution, and is one of the most valuable companies on the planet.
It was not until late January that a low-cost Chinese AI model, previously unknown, made a serious impact on the AI arms race.
DeepSeek's appearance has not only challenged assumptions about AI costs and efficiency, but also revealed how far behind Western companies China was.
Hong Kong tech stocks are up 24% since January 27. A basket of U.S. megacap tech stocks is down 12%.
Yang Tingwu is vice general manager at asset manager Tongheng Investment. He said that China's stock markets are already immune to increased U.S. Tariffs, as the growing strength of China is supporting domestic assets.
Yang stated that "China's technological clout has expanded if you look at TikTok or Xiaohongshu, as well as DeepSeek."
In response to the imminent sale of a rival social media platform, American users are rapidly migrating to Xiaohongshu. This Chinese platform is known in English as RedNote.
TikTok's U.S. operations.
For some, the dollar's appeal will last over time due to a resilient U.S. economic climate and higher interest rates.
Nate Thooft is the CIO of Multi-Asset Solutions & Global Equities for Manulife Investment Management. He said: "I think there's a change in play. We view it as a tactic versus a major secular shift." Recently, he upgraded his maximum underweight position on European stocks to neutral.
(source: Reuters)