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Trump bought bonds worth more than $100 Million during his tenure as president, a disclosure shows
Since taking office in January 2017, Donald Trump has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. This is according to new disclosures that shed light on his vast portfolio. The online forms posted on Tuesday show that the former Republican real estate mogul has made over 600 financial purchases in the past 21 days, the day following his second term as President. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in sectors that may benefit from policy changes under the Trump administration, including financial deregulation. On Wednesday, the White House did not respond immediately to a comment request. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. The annual disclosure form he filed in June revealed that his income, from various sources, still accrued to the president. This has led to accusations of conflict of interest. Trump disclosed more than 600 million dollars in revenue from cryptocurrency, golf properties and licensing, among other ventures, in this disclosure. The president's investment in crypto also added significantly to his wealth. According to an estimate made at the time, the president's assets totaled at least $1.6billion. (Reporting and editing by Sharon Singleton, David Gregorio and Trevor Hunnicutt)
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South Africa's Tariff Body proposes an increase in steel duties to stop imports
The International Trade Administration Commission of South Africa proposed Wednesday import duties on steel products starting at 10% as part of measures designed to protect the sector against an influx of imported goods. After a review of the steel tariffs announced in March as part of South Africa's crisis of steel, which was marked by an oversupply of steel, a weak local market and high input prices, the government released preliminary findings. The government estimates that imports, mostly from China, account for around 35% total domestic consumption. This puts companies like ArcelorMittal South Africa at risk of bankruptcy. South Africa's steel industry has suffered as a result of U.S. President Donald Trump’s tariffs. The Commission, whose role involves conducting tariff investigations, providing trade remedies, and implementing import-export controls, stated that its initial findings will not become final until after it receives and reviews feedback from the general public in the next two week. In a public notice, it said that more than 150 submissions had been received, "ranging from requests to increase duty, create rebate provisions, and include specific products under import controls". The proposal is to increase customs duties by 10% on certain products, including flat-rolled, bars, rods and wires. Currently, the rate of duty for these products is 0%. According to the schedule, selected tube and pipe products, as well as nails, would be subject to a 15% duty. The Southern Africa Customs Union (which includes Botswana and Namibia) also offers rebates for steel products which are imported from South Africa because they cannot be found in these countries. Reporting by Nelson Banya, Nqobile Dudla and Barbara Lewis
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Scientists say that rapid loss of Antarctic ice could be a tipping point for climate change.
A scientific study published Thursday warned that rapid loss of Antarctic sea-ice could tip the climate in a way that is impossible to reverse. It would cause sea level to rise, ocean currents to change and marine life to disappear. The Nature paper aims to describe the effects of global warming in Antarctica, the continent frozen at the South Pole. It said that "Evidence of rapid, interdependent and sometimes self-perpetuating change in the Antarctic environment is emerging." The study used data from observations, ship logbooks, and ice cores to chart the long-term change in sea ice. It also put into context a rapid decrease in recent years. It said that a regime shift had reduced Antarctic sea ice extent below its natural variability in past centuries. In some ways, it was more abrupt, nonlinear, and potentially irreversible, than Arctic sea ice loss. Nerilie Abram, lead author of the study, explained that changes are having knock-on impacts across the ecosystem, which in some cases amplify one another. A smaller ice-sheet reflects less sunlight, which means the planet will absorb more heat. It is also likely to accelerate the weakening the Antarctic Overturning Circulation (AOC), an ocean current that distributes nutrients, regulates the weather, and distributes heat. The loss of ice has a negative impact on wildlife, including the emperor penguins that breed on ice and the krills which feed beneath it. The study found that warming of surface waters will reduce the phytoplankton population, which is responsible for removing vast amounts of carbon dioxide from the atmosphere. Abram, former professor of the Australian National University and chief scientist for the Australian Antarctic Division, said that the Antarctic sea ice could be one of the Earth's tipping points. The study stated that reducing global carbon dioxide emissions could reduce the risk but not necessarily prevent major changes to the Antarctic. Abram explained that "once we begin to lose Antarctic sea ice we will set in motion this self-perpetuating cycle." Even if we stabilize the climate, we will still lose Antarctic sea ice for many centuries.
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Sovecon increases its 2025 Russian wheat production forecast on the basis of improved prospects in Siberia, Urals and Ural
The grain consultancy Sovecon announced on Wednesday that it has raised its forecast of Russia's wheat crop for 2025 to 85.4 millions metric tons. This is up from the previous estimate, which was 85.2 million tons. It cited improved prospects in Siberia as well as the Urals. Sovecon analysts stated in a report that the wheat forecast has been revised upwards as yields are expected to reach record levels in these regions due to favorable weather conditions. Sovecon reported that the overall estimate of grain and pulse production remains unchanged, at 130.5 millions tons. The Russian statistics agency has revised the data regarding the area sown. The weather conditions in the south made it less likely to grow corn. It reduced its forecast from 14.3 millions tons to 13.4 due to unfavorable conditions. Andrey Sizov of SovEcon said that "yields continue to confirm our expectations". "However, although good crops may offset the losses in the South, it will take some time to deliver this wheat to Azov or Black Sea ports. This complicates Russia's export programme over the next several months - which is often the most important period of the year." The Russian IKAR consulting firm raised its forecast for 2025 wheat production to 85.5 millions metric tons, up from 84.5million tons. The Ministry of Agriculture has forecast a grain harvest of 135, 000 tons in 2025, which includes 88-90 millions tons of wheat. (Reporting and writing by Olga Popova, Anastasia Teterevleva, Editing by Mark Trevelyan).
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As the dollar falls, gold prices rise. Focus on Fed Minutes and Jackson Hole
The U.S. Dollar eased on Wednesday, and the gold price rose by nearly 1%. Market participants awaited the minutes from the last U.S. Central Bank policy meeting as well as the upcoming Jackson Hole Symposium for clues about future interest rates. Gold spot rose by 0.9%, to $3,343.42 an ounce at 10:06 am EDT (1406 GMT), after having fallen as low as it had been since August 1, earlier in the day. U.S. Gold Futures rose by 0.9% to $3387.10. The U.S. dollar eased, making dollar-priced-bullion more affordable for other currency holders. Federal Reserve meeting minutes for July will be released at 2:00 pm EDT two days before Fed Chair Jerome Powell delivers his speech at the annual Jackson Hole Economic Symposium on Friday. Two central bankers disagreed with the Fed's decision to keep interest rates the same last month. They wanted rates lowered to prevent further deterioration of the labor market. Bob Haberkorn, RJO Futures' market strategist, said that traders see the recent drop in gold prices as an opportunity to buy ahead of Fed minutes. If Powell is dovish it's good for gold as it doesn't pay interest. If he is dovish, it will be necessary to break through the $3,350/oz barrier and ultimately retest the $3,400/oz level if he is a hawk. According to CME FedWatch, traders expect a quarter-point cut in rates by September. The U.S. president Donald Trump called for Fed Governor Lisa Cook's resignation on Wednesday, citing the call from the head of the U.S. Federal Housing Finance Agency, who urged the Department of Justice investigate Cook regarding alleged mortgage fraud. Silver spot rose 1%, to $37.73 an ounce. Platinum gained 2%, to $1,331.70. Palladium, which had hit its lowest level since earlier in July, was unchanged at $1115.92. Ashitha Shivaprasad reports from Bengaluru.
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Trump bought bonds worth more than $100 Million during his tenure as president, disclosure shows
Since taking office in January 2017, Donald Trump's disclosures revealed that he has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. The online forms posted on Tuesday show that the billionaire Republican President made more than 600 financial transactions since January 21, just one day after his second term as president was inaugurated. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in areas that would benefit from U.S. policies under the Trump administration. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. Trump's annual disclosure form, filed in June, showed that his income from different sources ultimately accrued to him - opening him up to accusations of conflict of interest. The White House did not respond immediately to a comment request on Wednesday. (Reporting and editing by Sharon Singleton, Trevor Hunnicutt and Susan Heavey)
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Orlen Unipetrol is forced to seek help from the state to meet diesel demands due to a Czech refinery shutdown
A breakdown at the largest refinery in the Czech Republic forced Orlen Unipetrol to borrow 50,000 cubic meters from its state reserves to meet demand. It said that "despite all the measures taken including the stopping of fuel exports and increasing imports, at this time it is not possible to cover the demand for Diesel fuel on the Czech Market in full." The company has been granted permission to use state diesel reserves. The Czech unit of Polish refiner Orlen reported on X that a power failure at Orlen Unipetrol’s refinery in Litvinov in the northwest of Czech Republic in July damaged the ethylene units and severely limited the operations of the site. After repairs, the refinery resumed its operations. However, during the transition from partial power to full power Unipetrol discovered a second failure in the main ethylene compressor and was forced to shut down the Steam Cracker, and again reduce fuel and petrochemical production. Unipetrol said that its second largest refinery, located in Kralupy in the middle of the Czech Republic, is still in operation. It also stated that the company's other fuel production was sufficient. (Reporting and editing by Barbara Lewis; Marek Strzelecki)
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CNBC-TV18 reports that the government is against Vedanta's demerger.
CNBC-TV18, an Indian news channel, reported Wednesday that the Indian government had objected to Vedanta’s proposed split into four new firms, claiming the demerger would make it more difficult to collect dues. CNBC reported that the Indian government claimed at a hearing held by the National Company Law Tribunal that Vedanta had modified its demerger plan after receiving a certificate of no objection from the Securities and Exchange Board of India. The NCLT is an independent quasi-judicial tribunal that decides on matters relating to companies. Could not verify the court proceedings immediately. Vedanta said in a press release that it filed a detailed reply to the government, but declined to share any specifics. The Ministry of Mining, Petroleum and Natural Gas did not reply to a comment request. They have not specified the amount claimed. Vedanta has told the tribunal it will provide a corporate guarantee in favor of the Ministry of Petroleum and Natural Gas in order to recover the debts. Oils-to-metals, a conglomerate that combines metals and oils, announced in December it would be split into four separate companies while still remaining as the main company. This plan was scrapped earlier to divide into six businesses. CNBC-TV18 reported that the government, via its legal representative alleged that key information regarding demerger was concealed and not disclosed. The report also stated that key information was not disclosed, including "inflated revenue" and "concealed liability." Vedanta said earlier in the month that it SEBI sent a letter warning them of certain non-compliances. However, the government did not respond to their allegations. News channel: NCLT postpones next hearing until September 17 Vedanta's shares dropped as much as 2.8% following the report. However, they recovered some of their losses and closed 1% lower than before at 445.50 Rupees. Reporting by Sethuraman NR, Manvi Pant and Niveditarjee; editing by Sonia Cheema & Niveditarjee
Saudi Arabia's crude exports in June fell to their lowest level since March
According to the Joint Organizations Data Initiative's (JODI), released on Wednesday, Saudi Arabian crude oil exports fell in June to their lowest levels in three months.
The world's biggest oil exporter saw its crude exports fall to 6,141 million barrels per daily, down from 6.191 millions bpd in the month of May.
Saudi Arabian crude production for June increased from 9.184 millions bpd recorded in May to 9.752million bpd.
The data revealed that the crude throughput of Saudi refineries was 2.703 mbpd. This is down by 18,000 bpd compared to May's figure of 2.721 mbpd. Direct crude burning, however, increased by 185,000bpd bringing it up to 674,000bpd.
JODI publishes the monthly export figures of Saudi Arabia, and other OPEC members.
OPEC+ - a grouping of OPEC members and their allies, including Russia - agreed this month to increase oil production by 547,000 bpd in September. This is the latest in a string of accelerated output increases to regain market shares as concerns grow over possible supply disruptions related to Russia.
Eight OPEC+ member countries began increasing their output in April, with a 138,000 bpd increase. This was followed by higher-than-planned increases in May, July and June, and then 548,000 bpd during August, and now 547,000 bpd throughout September. Saudi Arabia, Russia and Iraq are the eight members. Kuwait, Kazakhstan, Algeria and Oman round out the list.
Last week, the International Energy Agency stated that oil supplies would increase more quickly than expected in this year and next due to OPEC+ member countries increasing their output and as supply from outside of the group increases. Sherin Elizabeth Varighese reports from Bengaluru. Mark Potter edited the article.
(source: Reuters)