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PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia
Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.
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Copper gains as traders continue to ship ahead of potential US tariffs
On Wednesday, copper prices rose at the London Metal Exchange (LME) and Shanghai Futures Exchange, as traders were expected to continue to rush metal shipments into the U.S. before potential import tariffs. This would further reduce inventories that are already very low. As of 0105 GMT the most traded copper contract on SHFE rose 0.62%, to 80,520 Yuan ($11238.43), per metric ton. This is the highest price range in 2025 so far, around the second half of March. The LME's three-month copper also increased 0.12%, to $9,945.5. Low copper inventories in the SHFE and LME, along with the continued shipment to the U.S. prior to the imposition on import tariffs, have supported the price. Copper Stocks Copper inventories in LME-registered storage shed 66% between the middle of February and now stand at 91 250 tons. In the warehouses monitored, the SHFE has also seen a 66% drop in stock since early March. The summer months are usually the time when copper inventories in China tend to increase due to a low season demand. ANZ reported that "U.S. Treasury Sec. Scott Bessent stated that Washington's negotiation with Beijing would focus first on reciprocal duties, and then on duties on raw materials such as copper." "A delayed tariff decision would justify a premium for U.S. Copper, giving traders more shipping time before levies are implemented." SHFE aluminium rose 0.61%, to 20,685 Yuan per ton. Tin gained 0.4%, to 268,420 Yuan. Lead increased by 0.2%, to 17,170 Yuan. Nickel grew by 0.16%, to 120,580 Yan, while Zinc fell 0.4%, to 22,165 Yan. LME aluminium rose 0.33%, to $2607 per ton. Lead gained 0.2%, to $2042, while zinc grew 0.06%, to $2715.5. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0900 EU Unemployment May Rate ($1 = 7.1647 Chinese Yuan) (Reporting and Editing by Rashmi aich; Reporting by Hongmei Li)
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Investors weigh Fed rate stance as they assess US data and gold prices.
The gold price fell on Wednesday, as investors waited for U.S. employment data and assessed Federal Reserve Chairman Jerome Powell's cautious approach to rate cuts. However, a weaker greenback helped limit losses on bullion priced in dollars. As of 0217 GMT spot gold fell 0.2% to $3,330.68 an ounce while U.S. Gold Futures dropped 0.3%, falling to $3,340.60. Holders of other currencies can now afford to buy bullion because the U.S. Dollar index has fallen to its lowest level in over three years. Gold prices have been consolidating since posting their strongest gains in the past two weeks. "The overall trend bias continues in favour of the upside at this time," said Ilya SPivak, Tastylive's head of global macro. Powell said that the U.S. Central Bank will "wait and see" how tariffs impact inflation before it lowers interest rates. This is a further rejection of President Donald Trump's demand for immediate rate cuts. The number of U.S. jobs opened in May was unexpectedly higher, but the decline in hiring is a sign that the labour markets has shifted down gear due to the uncertainty surrounding the Trump administration’s tariffs against imports. Investors will now be awaiting the U.S. ADP Employment data due later today, as well as nonfarm payroll numbers on Thursday, for more insight into the labour market. Spivak stated that the biggest risk to gold is an unexpectedly high (NFP) result, but this seems unlikely. The U.S. Senate Republicans passed Trump's tax and spending bill Tuesday by a narrow margin. It is a package that cuts taxes, reduces social safety net programs, increases military expenditures, while adding $3.3 billion to the national debt. Trump was optimistic on Tuesday regarding a possible trade agreement with India, but sceptical about a similar deal with Japan. He also said that he would not consider extending the deadline of July 9 for countries to reach trade agreements. Spot silver fell 0.1% per ounce to $36.01, platinum dropped 0.4% at $1,344.91, and palladium rose 0.4% to $ 1,104.92.
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Investors' expectations for the OPEC+ summit have not changed much in terms of oil prices
The price of oil futures was little changed on the day of Wednesday, as investors were cautious ahead of this week's meeting of major producers to decide output levels for August. Brent crude rose 1 cent to $67.12 a bar at 0124 GMT. U.S. West Texas Intermediate Crude fell 5 cents, falling to $65.40 a bar. Analysts said that demand expectations were boosted on Tuesday by a survey conducted by the private sector, which showed that factory activity in China, world's largest oil importer, increased in June. Brent oil has fluctuated between a high and low of $68.40 and $66.34 a barrel since June 25 as fears of disruptions to supply in the Middle East region producing region have diminished. Oil prices are in a tight range, as there is less geopolitical uncertainty and more nervousness about what OPEC might do to increase production. This was said by Phil Flynn. Senior analyst at Price Futures Group. The price has been held down by the expectation that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, will increase their crude oil production in August by a similar amount to the large increases agreed upon in May, July, and June. Four OPEC+ members told four sources last week that the group intends to increase output by 411,000 barrels a day when it meets next month on July 6. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. According to American Petroleum Institute figures, the crude oil inventory in the U.S. has increased by 680,000 barrels over the last week. The Energy Information Administration will release official data on Wednesday, 10:30 am ET. ET. Tony Sycamore is an analyst at IG. He said that the non-farm payrolls numbers due Thursday will determine the timing and depth of the interest rate reductions by the Federal Reserve in the second half this year. Lower interest rates would spur economic activity, which in turn would boost oil demand. Investors also watch trade negotiations in advance of the tariff deadline set by U.S. president Donald Trump on July 9. Trump said on Tuesday that he does not plan to extend the deadline. (Reporting from Sudarshan Varadahan in Singapore, Editing by Christian Schmollinger).
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India's renewable energy output increases at the fastest rate in three years
In the first half 2025, India's renewable energy output grew at its fastest rate since 2022. According to an analysis of daily load dispatch data by the federal grid regulator, renewable power output increased 24.4% from January to June 2025 to 134.43 kilowatt-hours (kWh). In June, the share of renewables (excluding hydropower) reached a new record of over 17%. India's coal-fired electricity generation fell by nearly 3% during the first half of this year, as growth in overall power output slowed down to just 1.5%. Electricity production will grow 5.8% by 2024. A milder summer, due to an earlier-than-expected monsoon, and slowing economic activity have reduced coal demand, resulting in record domestic stockpiles and lower imports by the world's second-largest consumer of the fossil fuel behind China. According to Vikram V., vice president for corporate ratings at Moody's ICRA, renewable generation in India will continue to increase. This year, India is expected to add 32 gigawatts of renewable capacity, compared to about 28 GW by 2024. Government data shows that India has added 16.3 GW in wind and solar power capacity during the five months to May. After a long slowdown, the nation of South Asia has increased its wind and solar capacity. This is after it missed its target for 2022 of 175 GW. The country now wants to reach 500 GW non-fossil energy capacity, including nuclear and hydro power by 2030. This is nearly twice the current 235.6GW. S&P Global Commodity Insights stated in a report that "we believe this target is achievable but, in our base scenario, the goal may shift to 2032". Grid modernisation and energy-storage investments are crucial to support renewable integration. (Reporting from Sudarshan varadhan and Sethuraman NR, both in Singapore; editing by Shinjini ganguli).
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US Senate budget bill cuts money for filling oil reserves
The U.S. Senate budget bill, passed on Tuesday, reduces the amount of money that can be used to replenish the Strategic Petroleum Reserve despite the fact that President Donald Trump promised on the first day of his second term in office to fill it to "the top". Joe Biden, former president, sold 180 million barrels of SPR, the highest amount ever, following the Russian invasion of Ukraine. SPR was at its lowest point in 40 years when oil imports were more important to the U.S. The budget bill reduced the amount of money available for crude oil purchases in order to replenish the SPR from $1.3 billion to $171 millions. This is only enough money to purchase about 3 million barrels, instead of the 20 million barrels that are currently available at current prices. Rapidan Energy, an energy consultancy, informed clients that funding had been affected by the Senate’s need to cut budgets elsewhere, as they softened the green energy cuts in the House version. It was not clear when the U.S. House would vote on this bill. Trump stated on Tuesday that the SPR will be filled when market conditions are favorable, but he did not specify when or how. Even scheduled oil deliveries to the SPR after Biden purchased some crude last summer are seven months behind schedule. Biden had scheduled deliveries of 15.8 million barrels to the SPR between January and May. Only 8.8 million barrels have been delivered so far to the SPR, which the Trump administration has blamed on maintenance. The Senate bill kept a measure to cancel 7 million barrels in congressionally-mandated sales. Later in the year, lawmakers could repeal further mandated sales through legislation. SPR currently has approximately 403 million barrels. This is a far cry from the 727 millions barrels that it had in 2009, when it was the largest ever. The SPR is the largest oil reserve in the world. Under Biden's leadership, the U.S. achieved record oil production. Trump wants to increase this.
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UN expert: 'Lucrative business deals' help Israel sustain its Gaza campaign
In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged international law violations be held legally accountable. Albanese wrote that the 27-page report showed why Israel's genocide is continuing: it is profitable for many. She accused corporations of being "financially tied to Israel's militarism and apartheid." Israel's Geneva mission said that the report was "legally unfounded, defamatory, and a flagrant misuse of her position". The Israeli foreign ministry and prime minister's office have not responded to requests for comments. The U.S. Mission to the United Nations, New York, called on U.N. Sec.-General Antonio Guterres for a condemnation of Albanese. They also demanded her removal. Israel rejected the accusations of genocide against Gaza. It cited its right to self defense following a Hamas attack on October 7, 2023 that resulted to 1,200 deaths and 251 hostages according to Israeli statistics. Gaza Health Ministry reports that the war in Gaza, which followed, has resulted in the death of more than 56,000 individuals and the destruction of the entire enclave. Arms FIRMS Identified in Report The report divides the companies into sectors, such as military or technology. It does not always specify if the companies are involved in the Gaza campaign or settlements. The report said that 15 companies had responded directly to Albanese’s office, but they did not publish the replies. The article names Lockheed Martin, Leonardo and other arms companies as having used their weapons in Gaza. The report also names heavy machinery suppliers Caterpillar Inc. and HD Hyundai. It claims their equipment contributed to the destruction of property in Palestinian territory. "Foreign military sales are government-to-government transactions. Lockheed Martin's spokesperson said that the U.S. Government is best suited to discuss these sales. No one else responded to our requests for comment. Caterpillar previously stated that it expects to use its products in accordance with international humanitarian laws. The technology giants Alphabet (Alphabet), Amazon, Microsoft and IBM are "central to Israel’s surveillance apparatus and ongoing Gaza destruction". Alphabet has defended the $1.2 billion contract it signed with Israel's government for cloud services, saying that this was not a military or intelligence operation. Palantir Technologies also provided AI tools to Israel's military. However, specifics about their use weren't included. The report adds to a U.N. database that was last updated in 2023 and lists new companies, as well as alleged links to the Gaza conflict. The 47 members of the U.N. Human Rights Council will receive it on Thursday. The U.N. Human Rights Council does not have legal binding power, but cases that were documented through U.N. investigations often inform international prosecutions. Israel and the United States withdrew from the Council in the first half of this year citing bias towards Israel.
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Spain and the World Bank push for wider use 'debt Swaps'
The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to Belize and Ecuador to Ivory Coast used debt swaps. They bought back expensive bonds or loans and secured refinancing agreements with lower rates. In recent years, debt-for nature swaps have accounted for $6 billion in transactions where a country reduces its debt in exchange of a promise to invest in conservation. In recent years, development banks have played a key role in reducing the cost of swapped loans and generating savings. They do this by providing insurance or guaranteeing the risk. Critics claim that such deals are time-consuming and complicated, and this has hindered a wider adoption of an important tool for helping countries reduce their debt burdens and tackle development issues. Carlos Cuerpo, Spain's Minister of Economy, Trade, and Business, stated that many countries have made it clear they need tools to make debt swaps easier, faster, and more accessible. The Hub will receive 3 million euros (3,54 million dollars) from Spain. World Bank President Ajay Banaga said that the Hub would be a host for a "multiple-partner trust fund" to finance technical assistance. TIMELY This push is timely for the debt-swap market, amid fears that U.S. support for these deals - especially those with a focus on climate or nature - may largely dry up under Donald Trump. Ilan Goldfajn, President of the Inter-American Development Bank, said that demand for broad development swaps is still strong. He made this statement at a press conference held in Seville, on Tuesday. IDB backed five out of nine of the largest debt-for nature swaps in the past, most of which were carried out with the United States International Development Finance Corporation. Goldfajn stated, "We're getting requests for debts for education and debts for health." These are things which have been in construction. "Let's see what they become." A group of conservation groups and investors, as well as development bankers, lawyers, and other professionals who have been at the forefront of the market's growth, published a guide on best practices for nature swaps in an attempt to encourage wider adoption. The guide included information on how and who to use debt swaps. Melissa Garvey said that debt swaps are now "a proven model for financing conservation at scale."
How Trump's second administration affects service: Musk, tariffs and more
Donald Trump's go back to the White House after winning the Nov. 5 U.S. governmental election might reshape American service. Much depends on whom he designates as deputies and cabinet members, consisting of the function of Tesla CEO Elon Musk, and what tariffs he enacts. Following are some major problems and sectors to watch:
WHAT ROLE WILL ELON MUSK PLAY? After some nudging from the world's wealthiest individual, Trump has said he would tap Tesla CEO Elon Musk to lead a new government effectiveness commission. Musk has actually stated a minimum of $2 trillion might be cut from the $6.75 trillion federal budget plan. How that works might be a crucial to the next Trump administration.
Does effectiveness imply fewer guidelines and regulators? Musk has been a singing critic, for instance, of federal review of his SpaceX rocket company. That might mean less oversight of self-driving automobiles (a Tesla organization) or rocket launches and much more. The two guys are not entirely in sync: Trump has actually said he won't. let California require all cars in the state go electric in. a decade, however Musk runs the world's most valuable EV business. A. rising tide raises all boats. So to the level that Elon is able. to obstruct the vilification of EVs by a possible Trump. administration, all the much better, said James Chen, former head of. policy for Rivian and Tesla. How Musk would resolve disputes of. interest between his interests in autos, space, health,. construction and artificial intelligence is unclear. Trump has actually pledged to be a crypto president, a strategy that may. start with replacing industry opponent Gary Gensler, the. Securities and Exchange Commission chair who has taken legal action against most of. the market-- including Coinbase, Binance and Kraken. Gensler's replacement is expected to review - and potentially. wreck - accounting guidance and produce industry exemptions. from SEC rules. Musk, too is a crypto fan, as is Silicon. Valley Trump fan Marc Andreessen and incoming Vice. President J.D. Vance.
Musk is also a huge proponent of carbon-free energy, with. Tesla being a major provider of planetary systems and batteries. Trump has actually guaranteed to kill the offshore wind market and. rescind all unspent funds under the Inflation Reduction Act--. Biden's signature climate law. But Trump faces dissent in his. ranks: Republican legislators, oil business and others see. huge red state gains from the law. Musk has actually played into that,. developing his 2nd U.S. electric car factory in Texas, for. instance.
TARIFFS. Trump has actually proposed a 10% tariff on all U.S. imports and 60% on. Chinese-made items, which if enacted would impact the entire. economy by pushing customer costs higher. The Tax Structure, a. non-partisan think tank, determined Trump tariffs would trek. taxes by $524 billion annually, diminish GDP by a minimum of 0.8%, and. cut employment by 684,000 full-time comparable jobs possibly. affecting retail employees, the biggest private sector company. He also recommended he might impose a 25% tariff on all imports. from Mexico.
Trump's tariff proposals might decrease American customers'. investing power between $46 billion and $78 billion each year,. according to a National Retail Federation research study.
Clothing, toys, furniture, home devices and footwear. would be the most afflicted categories, the study stated. Retailers. would move operations beyond China to countries including. Bangladesh, India, and Vietnam. Big-box shops like Walmart and. Target would face higher supply chain costs, while supermarkets. like Kroger, Albertsons, and Publix, which minimally source from. China, might benefit. Shipping and transportation specialists state. sweeping tariffs could at first bolster their company before. depressing trade. Tariffs loom over tech too. In recent weeks, Trump has also. greatly slammed the U.S. CHIPS and Science Act that has. sought to partly subsidize companies building factories in. the United States. Rather, he said the nation needs to enforce. tariffs on chips coming into the nation, particularly from. Taiwan's TSMC.
Tariffs also would dramatically raise costs for the sustainable. energy industries in the U.S., which rely greatly on Chinese. elements. Trump actions without Congressional backing could. consist of import tariffs of 10-20% (ex China), 60% -200% on Chinese. imports which might impact the expense of renewable projects,. particularly solar and storage tasks, according to an. October research note from Bernstein.
And after that there is the concern of China's retaliation. It is. the world's greatest soy importer and pork consumer, but it has. diversified its food supply base because Trump's tariffs in his. first administration. Additionally, China stopped working to totally comply. with a contract to buy more U.S. agricultural goods that it. signed with Trump in January 2020. Trump has actually pledged in his 2nd. term to impose 60% duties on imports from China, raising. issues that Beijing will retaliate by lowering imports of U.S. farm items.
OIL: DRILL INFANT DRILL - BUT NOT IRAN. The United States is currently the world's most significant oil and gas. manufacturer, however Trump wants to eliminate remaining barriers. He'll raise a freeze on brand-new melted gas export permits,. broaden federal drilling auctions, speed up brand-new pipeline. allowing and attempt to reverse or deteriorate regulations targeted at. cutting power plant and automobile emissions. Trump's assistance for the. oil and gas market could likewise lead him to temper his. opposition to the Inflation Decrease Act, considering that oil companies. are receiving some financing from it for carbon-free ventures. like carbon capture and sequestration.
The huge oil policy wildcard is how Trump will deal with rival. exporters, including Russia, Saudi Arabia, and Iran. It is. likely that Trump would eliminate sanctions on Russian energy, however. leave in location those on Iran, stated Ed Hirs, an energy fellow at. the University of Houston. Jesse Jones, an analyst with. seeking advice from firm Energy Aspects, anticipates even more. We believe. that the effect of a Trump administration returning to an optimum. pressure campaign on Iran could cause a million barrel each day. decline in Iranian crude exports, he said.
LABOR UNIONS. Organized labor made excellent strides under President Joe Biden,. who signed up with a picket line with U.S. auto employees. The UAW desires. to broaden and in future strikes the federal government could be. asked to intervene in a manner that undercuts employee bargaining. power, something Democrats have so far declined to do.
Republican politicians have actually normally been unfriendly to unions, however. Trump has actually played a different game, connecting to blue-collar. employees. Strong support among lots of union workers might press. Trump to protect those voters, stated Anthony Miyazaki, a. marketing teacher at Florida International University. Still,. his record of designating leaders to the National Labor Relations. Board resulted in a roll back of workers' rights to form unions. If this cycle repeats, it might possibly reverse the gains. unions have actually made since the pandemic, consisting of successful. arranging efforts at Starbucks and Amazon and other new. movements at Apple, REI and Trader Joe's.
OTHER SUBJECTS CONSIST OF:
FINANCE. Within banking, JPMorgan, Goldman Sachs, Bank of. America and other loan providers will likely take pleasure in a reprieve. from stiff capital walkings, M&A hoop-jumping, and Biden's scrap. charges crackdown. Trump is anticipated to quickly install. industry-friendly Republican politicians at the monetary regulators. But. those gains may be balanced out if Trump follows through on tax and. trade policies that will widen the deficit and fuel inflation,. in turn boosting loaning rates. That could press existing loans. into the red, state experts.
ANTITRUST AND TECH. Trump may walk back the Department of Justice's quote to separate. Alphabet's Google and choose settling with companies over. competitors problems in mergers, instead of brand-new trials, attorneys. stated. The country's difficult, top merger police, Federal Trade. Commission Chair Lina Khan, is likely headed for the. door. More broadly, Trump's backers in Silicon Valley, including. financiers Peter Thiel and Marc Andreessen and Tesla chief Elon. Musk, desire less regulation of new innovation, from synthetic. intelligence to rockets. They have a champion in previous endeavor. capitalist Vance.
MEDIA: SEE WHAT YOU STATE. Washington Post owner Jeff Bezos chose days before the vote. that the paper would not endorse anybody for president,. explaining it as a principled relocate to regain reliability. Hundreds of thousands of subscribers left, lots of stating it was. political cowardice. USA Today and the LA Times also decreased to. endorse a candidate. The message is pretty clear today,. stated former FCC Chairman Tom Wheeler. That is conceding to the. autocrat in advance before you're asked to, said New York. University School of Specialist Research studies accessory associate. professor Helio Fred Garcia, an author of 2 books about Trump.
During the campaign, Trump called on the Federal. Communications Commission to remove ABC and CBS of their. broadcast licenses. FCC Chair Jessica Rosenworcel has denounced. Trump's calls to revoke licenses for broadcast stations, mentioning. totally free speech protections. However the self-reliance of the FCC could. be at danger if Trump follows through on a campaign pledge to. bring regulatory firms, such as the FCC, under presidential. authority, Wheeler stated. The president also could invoke his. emergency situation powers under the Communications Act to exert control. over broadcasters, citing national security concerns.
Even so, a new Trump presidency will likely give cable television. news networks like CNN, Fox News and MSNBC and news outlets. consisting of the New york city Times and Washington Post the exact same huge. jolt to audiences and audience that his first term generated.
PHARMACEUTICALS. Trump just recently said he would let former presidential candidate. and anti-vaccine supporter Robert F. Kennedy Jr. go wild on. vaccine and healthcare policy. Kennedy has said that Trump. guaranteed him manage over the FDA, CDC, HHS, and the USDA. Those. tasks could potentially give him manage over what vaccines are. authorized and whether Americans are recommended to get them. Trump transition co-chair Howard Lutnick has said Kennedy is not. going to be put in charge of the Department of Health and Human. Providers, however recommended he might encourage on vaccines.
Jeremy Levin, CEO of biotech company Ovid Therapies. and previous chairman of biotech lobby group BIO, said he. would be alarmed if Kennedy was offered oversight over vaccines,. which other executives had actually likewise expressed issue. Vaccine. denialism, which is a main plank of RFK's, is maybe as. hazardous as anything you can think of, he said, including that. President Trump's previous visits for the COVID vaccine. effort and the FDA suggest to him that more moderate positions. will win out. Some executives likewise were worried that Kennedy's. impact might damage the U.S.'s track record and ability to examine. new drugs.
(source: Reuters)