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Sources say that SpaceX has been in talks with a Saudi fund about a possible investment of $5 billion for an IPO.
According to two sources familiar with the situation, Elon Musk's SpaceX had talks with Saudi Arabia's Public Investment Fund (PIF) about PIF possibly taking an anchor stake in the space company IPO of $5 billion. Sources said that the investment would prevent some dilution in?PIF’s existing stake, which is just under 1% of SpaceX. Three other sources confirmed that the rocket maker had?been lining-up anchor investors long before its stock market debut. The company plans to raise $75 billion in a record IPO, dwarfing previous mega-IPOs like Saudi Aramco and Alibaba. SpaceX wants to gauge investor interest in a deal of this scale. The sources, who requested anonymity due to the confidential nature of the discussions, said that SpaceX was trying measure investor interest. The sources warned that no final decision had been made and that any investment could change. SpaceX has not responded to a comment request. PIF declined comment. Anchor investors are institutional buyers that typically commit to a stake in advance of a roadshow IPO. They do this as a way to show confidence and support the demand for an offering. SpaceX is courting anchor investors with big budgets, but a large portion of the allocation will go to wealthy investors who are served by underwriting banks. Reported?previously. PIF reaffirmed its ties to Musk's empire in November 2025 when its AI firm HUMAIN announced a collaboration with xAI, involving the deployment of 500 megawatts data center capacity - in Saudi Arabia. PIF invested $3 billion through HUMAIN in March 2025, just before xAI merged with social media platform X. SpaceX based in 'Starbase, Texas' recently filed confidential IPO paperwork at the SEC and plans to launch its market later this year.
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Gold drops on stronger dollar and rising expectations of rate hikes
Gold prices dropped on Thursday, as the U.S. Dollar?and oil price?strongened?after Donald Trump stated that the?U.S. Gold prices fell on Thursday as the U.S. dollar?and oil prices strengthened?after President Donald Trump said that the?U.S. As of 1:30 pm EDT (1730 GMT), spot gold was down by 2.2%, at $4.651.35, after reaching a session high. U.S. Gold Futures ended the session 2.8% lower, at $4679.70. The dollar rose sharply, increasing the price of greenback bullion for holders of other currencies. David Meger is director of metals at High Ridge Futures. He said, "The market has been very focused on Trump's remarks, which have so far shown little indication of a rapid resolution to the current energy situation." He added that this is why gold and silver are falling, because there's less chance of rate cuts. Trump claimed in a televised speech that the U.S. Military?had almost achieved its goals in Iran. He did not provide a timeline for the end of the month-long conflict and promised to bomb Iran back into the "Stone Ages". Following Trump's comments, oil prices rose. Energy prices rise, which leads to higher inflation and a reduction in the ability of central banks to reduce rates. Gold is not a good investment when interest rates are high. Since the Middle East conflict began on February 28, spot gold has dropped 12%. The news that the Turkish central bank’s gold reserves fell by 69.1 tons to 702.5 tonnes last week shook the mood. This brings the total fall of the two previous?weeks up to more than 120 tons, as authorities try to'mitigate the market impact from the war. Gold prices in India rose for the first time since two months as lower prices increased?demand. Premiums in China also fell as buyers waited for a more significant correction. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Jan Harvey, Shakesh Kuber and Dita Pujara) (Reporting and editing by Jan Harvey, Shaleesh Kuber, Diti Pujara and Ashitha Shivaprasad from Bengaluru)
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US agencies monitor drinking water for microplastics and pharmaceuticals
The U.S. Environmental Protection Agency and Department of Health and Human Services announced on Thursday that they would monitor the 'impact of microplastics and pharmaceutics on 'drinking -water. This is the first step towards assessing the health risks and forming new policies. The announcement by EPA Administrator Lee Zeldin, and Health Secretary Robert F. Kennedy, Jr. was hailed as a victory for President Donald Trump’s "Make America healthy Again" agenda, whose goals have included reducing childhood vaccines recommended and promoting whole -foods in the new dietary guidelines. The EPA has now included microplastics, pharmaceuticals, and other contaminants on its sixth Contaminant 'Candidate List. This would imply that they would be tested and monitored in accordance with the Safe Drinking Water Act, and would receive funding for their research. Zeldin, the EPA, and MAHA activists have been criticized for 'failing to address their concerns including microplastics and not applying stricter rules?on Pesticides. Supporters of RFK Jr. and his "MAHA" program helped elect Donald Trump as president in 2024. Seven U.S. Governors, including those from New Jersey and Michigan, as well as more than 175 environmental and healthcare groups filed a petition late last year asking the EPA for microplastics to be added to the list to monitor. The list is updated five times a year. Microplastics, or microscopic plastic pieces, have been found everywhere. From inside the human body to drinking water and even in the Arctic ice and ocean depths. Some studies have connected them to cancers or reproductive harm. Kennedy had promised to?address plastic pollution, including its manufacture, when he ran for the Democratic nomination in 2024. Later, Kennedy endorsed Republican nominee Trump, whose government warned last year that countries should oppose any attempts to cap plastic production under a possible UN treaty to reduce plastic pollution. The introduction of pharmaceuticals into water systems is due to improper disposal, human waste and other sources. "By placing pharmaceuticals and microplastics on the Contaminant Candidates List for the very first time, EPA 'is sending a message that we will 'follow the science and we will seek answers. We will also hold ourselves to the strictest standards in order to protect the health and safety of all American families," Zeldin made a statement. The agency will release benchmarks on human health for 374 pharmaceuticals that are to be monitored. (Reporting and editing by David Gregorio; Valerie Volcovici)
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Sources say that SpaceX has been in talks with a Saudi fund about a possible investment of $5 billion for an IPO.
According to two sources familiar with the situation, Elon Musk's SpaceX had held discussions with Saudi Arabia Public Investment Fund (PIF) about the possibility of PIF taking an anchor stake in the IPO of the space company worth around $5 billion. Sources said that the investment would prevent PIF from losing its existing stake in SpaceX of less than 1%. Three other sources confirmed that the rocket maker had been in contact with anchor investors well before its debut on the stock exchange. The company hopes to raise $75 billion in a record-breaking IPO, dwarfing previous mega-IPOs like 'Saudi Aramco 2019 - and Alibaba 2014- Sources who requested anonymity due to the confidential nature of the discussions said that SpaceX was trying gauge investor interest in a deal this large. The sources cautioned that no final decision had been made and that any investment could change. SpaceX has not responded to a comment request. PIF declined comment. Anchor investors are institutional investors who 'typically commit to a stake before an IPO -roadshow. This signals confidence and helps underpin the demand for the offering. SpaceX is courting big-ticket anchors, but a large portion of the allocation will go to wealthy investors served by underwriting banks. The Starbase, Texas-based company has recently filed confidential IPO paperwork at the?SEC and plans to launch its?market later this year. (Reporting from Akash Sriram and Echo Wang, both in Bengaluru; additional reporting by Milana vinn and Anirban sen; editing by David Gregorio).
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Logan, Fed's Logan, says that US oil producers are unlikely to offer immediate relief to consumers
Lorie Logan, Dallas Federal Reserve president, said that U.S. producers will not be able to increase output soon and protect consumers from higher gas prices. Logan, speaking at a regional Fed bank conference, said that the price U.S. oil producers need to see to begin drilling is just under $70 per barrel. This is well below the current price of $110 per barrel. Logan said that the price of oil must be maintained at or above the break-even point for firms to invest in the needed equipment that will eventually benefit consumers. She said that U.S. oil companies "need to know that these higher prices will be around for some time, so I don't hear that we are going to see an increase in production in the near future." Logan's remarks suggest that the rise in energy prices?related to the U.S. - Israel war with Iran?will remain a problem near-term for inflation and economic activity, despite the fact that she said that the U.S. had buffers other nations closer to conflict don't. The Dallas Fed chief said that inflation is still one of her main concerns. She said that even before the Middle East conflict, she wasn't sure we would reach our 2% inflation target. "It is incredibly important that we restore price stability and get inflation back down to 2%, because stable inflation is the foundation of a strong economy." Logan echoed the views of many of her colleagues on monetary policy, saying that current uncertainty meant the Fed would have to watch and wait as it gathered information about the economy. Logan stated, "I like to think about things in scenarios at the moment." I think policy is well positioned to adapt to data as it comes in and we are prepared to make changes to the policy as necessary. The Fed is currently facing a significant challenge with the rising energy prices. Last year, the U.S. Federal Reserve lowered its interest rates by three-quarters of one percentage point to support a softening labor market in spite of high price pressures. The war increases the likelihood that inflation will increase, and creates new problems for the job market as well as the overall economic growth. The Fed is forced to make difficult decisions, as Congress has mandated that it must contain inflation while promoting maximum sustainable job creation. Energy price increases are usually ignored by the central bank, since they only have a temporary impact on overall prices and only have a limited effect on underlying prices. St. Louis Fed president Alberto 'Musalem said on Wednesday that the long period of inflation above target creates an increased risk that energy inflation will become a more persistent economic problem. Capital 'Economics stated in a report that the "indirect" impact of higher energy costs on inflation could range between seven-tenths and nearly 1.5 percentage points in the Eurozone, while the UK and Japan are somewhere in between. Personal Consumption Expenditures Prices Index, Fed's preferred measure of inflation, rose by 2.8% in January. This figure is even higher when food and energy prices are removed. Markets have speculated that higher interest rates may be necessary to combat rising inflation. At a meeting last month, the Fed kept its overnight benchmark rate between 3.50% and 3.75%. It also released projections that showed policymakers expect one rate cut in 2026. Logan said that the war "has increased our level of insecurity about the economy?and the outlook. It's made our job more complex because it increases risks on both sides our mandate." She said that if the war is quickly resolved, then its economic impact would be "moderate". Logan said that a longer war would have "adverse impacts" and "could move in opposite directions regarding our dual mandate. This could cause tension between our responsibilities." (Reporting and editing by Paul Simao; Michael S. Derby)
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Law firm claims that Venezuelan oil tycoon Ruperti has been released from custody.
A law firm representing Venezuelan oil businessman Wilmer?Ruperti said that the country's intelligence police had released him from a detention, after a video was posted on social media of him at his home. Ruperti attended a meeting on March 19, which was organized by the authorities. Ruperti's security detail was arrested and released soon after. Winston & Strawn, a law firm, said in an email that "he was released from the Sebin police detention but we have no explanation or charges from the Government stating the reason for his detention." "We find his detention to be inappropriate and are concerned about his safety and health." The Venezuelan information ministry didn't immediately respond to a comment request. Maroil Trading was a Ruperti-owned company that had been a key exporter of Venezuelan petroleum?coke, under a deal with the state-owned energy?company PDVSA. However, this later became entangled in a dispute regarding payments and contract terms. PDVSA suspended deliveries to Maroil in 2023 after an audit was conducted on receivables. Reporting by Mayela Aras, DeisyBuitrago and MariannaParraga; editing by Mark Porter
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Sources say Trump will reduce tariffs on steel and aluminum derivative products
Two sources familiar with Trump's plans say that the administration will reshape the steel and aluminum tariff regime. It plans to keep a tariff of 50% on?commodity imports, while reducing the duty to 15% or 25% for derivative products made from these metals, depending on the product. Details could change, and are subject to the tariff proclamation by President Donald Trump. This is expected on Thursday. The White House spokesperson didn't immediately respond to my request for comment. The Wall Street Journal was the first to report on the tariff adjustment plan. Sources told us that this change was made to simplify the overly complex tariff regime that was put in place by Trump last year, when he doubled his Section 232 tariffs for steel and aluminum from 25% to 50%. This?increase?also added tariffs?to thousands?of derivative products?made with the metals?to encourage domestic production?, from tractor parts?to stainless steel sinks?and gas ranges?. The 50% duty was only applicable to the steel or aluminum content, which created a headache for importers who had to calculate the figure. Sources said that the latest change would apply a lower tariff to the total value imported derivative?products, making it easier for compliance. Trump's announcement is expected to include a revised annexe listing the products that are subject to tariffs and duties. Sources said that steelmaking equipment may qualify for a lower 15% tariff rate as the Trump administration increased tariff rates last year in order to encourage more investment into domestic steel production. These equipments are often imported from Germany or Italy and made of heat-resistant alloys. Reporting by David Lawder, Washington; Carlos Mendez, Mexico City. Editing by Chris Reese & Andrea Ricci.
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After Trump's vow to continue attacking Iran, prompt oil prices have hit a record-high premium for next-month deliveries.
On Thursday, traders scrambled to get barrels after U.S. president Donald Trump pledged to continue his attack on Iran. Investors may perceive that supplies will be limited in the short-term if they see a widening backwardation. This is the term used to describe immediate deliveries which are trading at a higher price than barrels due for delivery in a future month. WTI crude futures?May delivery traded around $15.70 higher per barrel than the June contract during the session. The U.S. and Israeli war against?Iran is nearing its fifth week. This has caused millions of barrels of oil to be removed from the market every day, driving up energy prices and causing fuel shortages for countries that rely on oil and natural gas flowing through Strait of Hormuz. Around 20% of?the world's oil passes through this critical chokepoint. In a speech on Wednesday, Trump promised to "hit Iran extremely hard" within the next two to three weeks. However, he did not present a plan for opening the Strait. In recent days, he has suggested that other nations should lead the way in clearing the strait for shipping traffic. Reporting by Georgina Mcartney, Houston
Trump's speech will cause more harm to US consumers, with gasoline at $5 and diesel reaching record levels
Market experts say that U.S. President Donald Trump’s speech to the nation on Wednesday, where he promised more aggressive'strikes' on Iran, is putting consumers on a course for record fuel prices at the pump, just ahead of the peak summer travel season in the country.
Americans were expecting Trump's speech would outline a plan for ending the Iran war and opening the Strait of Hormuz. Iran's blockade of this global oil conduit is causing oil and fuel costs to skyrocket, pinching the wallets of consumers. Trump, however, promised to bomb Iran into the "Stone Ages", and that the Strait of Hormuz would "just naturally" open when the war ended.
Patrick De Haan said that the comments caused U.S. crude prices to surge more than 10% on Thursday. The average U.S. retail gasoline price is now expected to rise to between $4.25 to $4.45 per gallon by the end of next week. It had crossed $4 per gallon at the beginning of this week for the first time since 2022.
The pain could get worse. De Haan stated that if there is not a viable plan for reopening the Strait of Hormuz the U.S. gasoline average will likely reach record levels in a month and cross $5 per gallon.
On Thursday, wholesale markets began moving higher, with increases of 17 cents per gallon at midday in the Great Lakes and Great Plains markets, as well as the Northeast, West Coast and Gulf Coast. Tom 'Kloza, the chief energy advisor for Gulf Oil, posted on social media.
De Haan also said that diesel prices could reach a record in two weeks. Although less visible for consumers, they are arguably more significant as they are 'directly tied to the costs of making and moving goods.
De Haan stated that the national average retail price of diesel is expected to rise from $5.47 per gallon on Thursday, to $5.80 and over $6 in two weeks. In 2022, the average U.S. retail price reached a record $5.83 per gallon. (Reporting and editing by Aurora Ellis in New York, Shariq Khan)
(source: Reuters)