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Middle East risk premium fading as oil falls on Gaza plan
Early Thursday, oil prices dropped after Israel and Hamas reached an agreement on the first phase of the plan to end the Gaza war. This weighed on the war risk premium for oil and pushed investors to sell. Brent crude futures fell 51 cents or 0.77% to $65.74 per barrel at 0002 GMT. U.S. West Texas Intermediate Crude fell 55 cents or 0.88% to $62. U.S. president Donald Trump announced that Israel and Hamas reached a long sought-after deal on a Gaza ceasefire, including the release of hostages. The plan was to end the war that has raged in the Palestinian enclave for two years. Benjamin Netanyahu, the Israeli prime minister, said that he will convene the Israeli government on Thursday in order to approve the ceasefire accord. Investors have been weighing the risk of a regional war escalating into a global conflict that could affect oil supplies. Investors viewed the stalled progress in a Ukraine peace agreement as maintaining sanctions against Russia. The Energy Information Administration reported on Wednesday that the total weekly U.S. supply of petroleum products, which is a proxy for U.S. consumption of oil, increased last week to 21,990 million barrels a day, the highest since December 2022. (Reporting and editing by Christopher Cushing in Houston, Georgina McCartney from Houston)
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Sources say that the Indian government is seeking a resolution to the dispute with Tata Charity arm.
Sources told Reuters that two senior Indian ministers intervened in a rare intervention to urge the charity arm of Tata Group to resolve internal boardroom conflicts to ensure stability for the $180 billion business empire they control. Sources say that the discord within Tata Trusts a year after Ratan Tata's death has sparked fears of a repeat in the bitter public spat of 2016 between the charity and Tata Sons which tarnished India's most famous group. Tata Trusts holds a 66% stake of Tata Sons and has the power to make major strategic decisions. Tata Sons is responsible for 30 companies, including consumer goods, autos, and airlines. These include Jaguar Land Rover and Tata Consultancy Services, Tata Motors, and Air India. Two industry sources said that the disagreements within Tata Trusts over the past few weeks have been about which trustees would sit on the Tata Sons Board, the overall business direction of the group, and how to handle the planned exit by minority shareholder Shapoorji Palalonji. TATAS IS ASKED TO RESOLVE ISSUE BY THE INDIAN GOVERNMENT Two Indian ministers met on Tuesday with N. Chandrasekaran, the chair of Tata Sons and Noel Tata, the head of Tata Trusts in New Delhi to discuss and resolve the dispute. This was according to a government official and a source from the industry. Sources said that Finance Minister Nirmala Sitharaman attended the rare direct intervention of the government. Indian media reported that the other senior official was Minister of Home Affairs Amit A Shah. The official who was present at the Tuesday discussions said, "The government wants to restore stability and resolve issues." Sources declined to name themselves as the matter was confidential. Tata Trusts & Tata Sons has not publicly commented on this matter which was widely reported in Indian Media. Both companies did not respond to requests for comment. India's Finance Ministry and Home Affairs Ministry did not respond to comments. Tata Trusts disagreed with Cyrus Mistry, the Tata Sons chairman, and legal battles ensued. Mistry passed away in 2022, but Shapoorji Pallonji still holds an 18% stake of Tata Sons. Tata Trusts trustees are divided over how Shapoorji Pallonji's plan to split with the Tatas, which has been delayed for years, will be implemented and what effect it will have on the conglomerate. Shapoorji pallonji has not responded to our request for a comment. Aditya K. Kalra, Aftab A. Ahmed, Ira Duggal Aditi S. Shah, Khushi M. Malhotra and Joe Bavier contributed to the reporting.
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Liontown Resources changes loan and supply agreements with Ford Motor; shares are advanced
Liontown Resources announced on Thursday that it had amended its loan agreements and spodumene supplies with Ford Motor. The aim was to increase near-term liquidity, and gain greater flexibility in the marketing of outputs as production at its Kathleen Valley Lithium project in Western Australia ramps up. Liontown stated that the principal and interest due Ford for fiscal 2026 will be deferred 12 months. All other loan conditions remain unchanged. The S&P/ASX 200 index, which was up 0.3% at 2318 GMT, lagged behind the battery minerals producer, whose shares rose 3.4% to A$1.065. This is the highest share price since mid-June, 2024. Ford will receive 256 250 dry metric tons of spodumene from the company starting in 2027. The company said that no deliveries would be made to Ford during 2027 or 2028. Ford can opt to cancel its "take-or-pay" commitments on the remaining volumes, according to Liontown. Liontown said that the amendments will allow it to sell more products on the spot market, or enter into new strategic partnerships. The revised deal comes after Perth-based Liontown announced it would revise the pricing terms in their long-term agreement with Tesla as the miner wanted a broader exposure to benchmarks for lithium prices. (Reporting and editing by Alan Barona in Bengaluru, with Roshan Thomas reporting from Bengaluru)
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Brazilian Rare Earths sells feedstock to Carester
Brazilian Rare Earths, a company listed in Australia, announced on Thursday it had signed agreements with Carester SAS to supply heavy rare earths for an initial period of 10 years. Carester will provide engineering and technical support for the separation plant that Brazilian Rare Earths plans to build at the Camacari Petrochemical Complex in Bahia, Brazil. Over a ten-year period, the processor will purchase a maximum 150 tonnes of dysprosium or terbium per year from Brazilian Rare Earths. The partnership is designed to address the shortage of the critical minerals dysprosium (as well as terbium), which are essential to the production of permanent magnets with high performance. It comes at a moment when the west wants to reduce its dependence on China's dominant supply chain. Carester is, for example, building a rare-earth separation and recycling facility that has received over 216 millions euros ($251.25million) in funding from the French Government and Japanese entities. Carester's technical expertise and downstream capabilities will allow us to quickly convert our rare earths of ultra-high quality into the essential products that customers demand. said Bernardo da Veiga, CEO of Brazilian Rare Earths. It is becoming more urgent to diversify the supply chain, as China continues to control a large portion of critical minerals that are vital for industries such as electric vehicles, robotics, and national defense. Reporting by Nichiket in Bengaluru, editing by Shailesh Kumar.
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Argentine Treasury burns dollars to defend the peso, as US aid talks loom
The Argentine Treasury is quickly depleting its dollars reserves to defend the Peso. This has strained financial markets Wednesday, as funds from an agricultural exporters' special agreement are running low just weeks before midterm election. According to traders, the Treasury (under the Economy Ministry) has sold about $2 billion over the past few sessions in order to stabilize the peso. The ministry doesn't report publicly its market activities. The Treasury's holdings of hard currency have been rapidly depleted by the interventions. Portfolio Personal Inversiones reported that dollar deposits at the central banks have fallen from $1.44 billion on Friday to only $680 million. This means the intervention capacity is limited to "a few days" at this pace. According to Wise Capital, the Treasury has sold over three quarters of the hard currencies it raised through the export scheme. The government announced that it would be implementing a new plan for the end of last month. Export taxes suspended On grains and their products. In just a few short days, traders had committed to sell $7 billion of crops to China, mostly soybeans. The deal brought in a lot of cash, but it has also fueled tensions between Washington and Beijing, since U.S. Farmers are locked out of the Chinese Market due to a tariff dispute. Pressure is increasing ahead of Argentina’s legislative elections, which will take place on October 26. The libertarian president Javier Milei’s administration will be put to the test. Luis Caputo, the Economy Minister in Washington, is negotiating with a potential agreement to calm the markets. Currency swap of $20 billion deal. Deal. Kristalina Georgieva, Managing Director of the IMF The fund works closely with the U.S.A., World Bank and Inter-American Development Bank in order to develop an assistance package for Argentina. The wholesale peso remained at 1,430 dollars per peso on Wednesday. However, the parallel rate for sending money abroad rose to 1,556 dollars per greenback. This increased the gap in exchange rates to almost 9%. Most economists agree that the current strategy of intervention is only a temporary solution until the elections. After the elections, a new and more liberal foreign exchange regime is expected, but its implementation will depend on the results of those elections and whether or not they are backed financially by the United States. On asset markets, the average price of sovereign bonds fell by 1%. The S&P Merval index, on the other hand, reversed its early losses and closed up 1.42 percent. Aluar shares jumped by 2.93% following the announcement of the government. Temporarily suspended Tariffs on metal exports. Walter Bianchi, Buenos Aires. Additional reporting by Rodrigo Campos, New York. Editing by Margueritachoy and David Gregorio.
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The EU Parliament is planning to further reduce the sustainability law
According to lawmakers and officials, the majority of the European Parliament's member groups reached an agreement late Wednesday night to further cut the EU's Corporate Sustainability Law. Last year, the European Union adopted the Corporate Sustainability Due Diligence Directive (CSDDD), which requires companies to address human rights and environment issues in their supply chains or face fines up to 5% of their global turnover. After a backlash from Germany, France, the United States, Qatar and Exxon Mobil, Brussels is now working to simplify the rules. Jorgen Warborn is the EPP member leading the negotiations. He said that a key change would be to limit the application of the rules to companies with at least 5,000 employees and a turnover of 1.5 billion euros ($1.74 trillion). CSDDD currently covers companies with 1,000 employees or more and above 450 millions euros in turnover. Warborn stated, "I am focused on ensuring that we bring Europe back to growth so that we can create more jobs and long-term prosperity." Brussels has said that changes are necessary to prevent companies from being overburdened with reporting requirements. The law is due to come into effect in 2027. However, campaigners and companies have warned that the EU could undermine corporate accountability. Initially, the socialist lawmakers were against the plan, but they agreed on Wednesday after the EPP said it would strike a deal instead with far-right legislators and weaken law even further. A spokesperson for the Socialists & Democrats said, "This compromise isn't our preferred option, but the alternative would have been a worse EPP deal with the extreme right." In response, Dutch Socialist legislator Lara Wolters announced that she had resigned from her position as the group's chief negotiator. Un official of the liberal Renew party confirmed that it also supported the agreement. The three groups of legislators hold the majority of seats at the EU Parliament. The EU Parliament will vote later this month on the agreement, before the EU negotiates the final changes to law. $1 = 0.8601 Euros (Reporting and editing by Kate Abnett)
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Dolly Parton: 'I'm not dead yet', after her sister raised alarm
Dolly Parton reassured fans on Wednesday about her health after her sister's comments fueled concerns that the Grammy-winning country singer was near death. Parton, aged 79, captioned an Instagram video with "I ain’t dead yet." Do I look sick to You? The "9 to 5" singer smiled as she said, "I'm working really hard here." She was on a set filming commercials at the Grand Ole Opry. She wore a black top and black fringed pants with a red blouse. Parton announced recently that she would be postponing her Las Vegas shows due to unspecified health concerns. Freida, Parton's sister, posted on social media this week that she had "prayed all night" for the singer. Later, she said that "she didn't mean for anyone to be scared or sound so serious." Parton admitted in the video that she neglected her health while her husband Carl Dean was ill and died, as Parton explained. She said she was working with doctors on some issues. "I want to let you know that I am OK." She said that she had some minor problems, but nothing major, and added, "I am not dying." Parton, a Grammy Award-winning singer, has appeared in films such as "Steel Magnolias," "The Best Little Whorehouse in Texas," and others. In November, she will receive an honorary Oscar.
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Sport Positive Awards for Real Betis, FIS and Liverpool
Sport Positive Awards were announced at a two-day summit on sports sustainability. The winners included Premier League champions Liverpool, and Real Betis of Spain. Real Betis won the Best Campaign Award for its project Sin Azul No Hay Verde, which is a campaign that says "Without Blue There Is No Green". The winners of 12 categories have been announced at the Sport Positive Summit, a two-day event in London in collaboration with United Nations Framework Convention on Climate Change (UNFCCC) and the International Olympic Committee. Claire Poole, founder of Sport Positive, said: "These winners are a great example of what is possible when sport becomes a force for positive change." As climate impacts increase, their bold actions, innovation, leadership, and are not only protecting sport's future, but also delivering a positive outcome for communities and planet. Over 500 leaders of the sport industry from the biggest events, franchises and NGOs in the world gathered for a discussion on how to make the industry more sustainable and environmentally-friendly. Climate change is affecting sport more and more. This year's FIFA Club World Cup was impacted by intense heat and thunderstorms in the United States, and the Wimbledon Tennis Championships experienced their hottest opening day ever. The warming climate is also threatening to close traditional Alpine ski resorts, while Thomas Bach, former IOC President, said that only 10 countries may be able to host a Winter Olympics in 2040. The International Ski and Snowboard Federation, in partnership with Green Producers Club developed a CO2 calculator designed to assist snow sports stakeholders measure and manage greenhouse gas emissions. This tool won the category award for Inspired Innovation at this year's Sport Positive. Susanna Siff, Director of Sustainability at FIS, stated that the tool is a living one, constantly evolving and improving based on feedback from users. "We didn't simply win the award, but we also developed a tool that can be adapted to better serve our community and reduce carbon emissions." Red Way, Liverpool's ESG (environmental, social and governance) strategy launched in 2021 has helped to increase match-day recycle from 20% up to 90% and reduce carbon emissions by 15 percent. Real Betis’s Sin Azul No Hay Verde, part of LaLiga’s Forever Green Initiative, has raised public awareness of an invasive Asian alga along the Andalusian coastline -- a direct result of climate change. The campaign was centered around the release a special edition football shirt that incorporates textile fibres from algae. Sport Positive said that Real Betis had demonstrated the power of sport to promote environmental responsibility by integrating sustainability in the areas of brand identity, merchandising and community engagement. The other Sport Positive award recipients included Cricket for Climate (a collaborative movement founded and led by Australian Test Captain Pat Cummins); Kicking for Nature (a Brazilian non profit Taekwondo program promoting environmental responsibility); and Logan Waddle who received the Trailblazer Award for his sustainability initiatives in the Indianapolis Motor Speedway as well as across the INDYCAR series of the United States. The Biodiversity Award went to the Ulster GAA Sporting Nature Project, which helped over 30 community clubs create wildlife habitat in Northern Ireland. This included planting trees and wildflower meadows.
What Trump 2.0 could mean for trade, migrants, Ukraine and variety programs
Donald Trump's 2nd presidential term might have substantial implications for U.S. trade policy, environment modification, the war in Ukraine, electric vehicles, Americans' taxes and prohibited migration.
While a few of his campaign propositions would require congressional approval, here is a summary of the policies Trump has actually stated he will pursue after he takes workplace on Monday.
MORE TARIFFS
Trump has actually stated he will release executive orders on his very first day in office to impose a 25% tariff on all imports from Canada and Mexico if the two U.S. neighbors do not clamp down on the circulation of drugs into the U.S. and people entering the country unlawfully. The tasks might badly hinder the highly incorporated economies, where car parts can cross borders several times before last assembly. Trump has actually also called for an international tariff of a minimum of 10% on all goods imported into the U.S., a move he says would get rid of a. $ 1-trillion annual trade deficit. Critics say it would cause. higher prices for American customers and draw vindictive duties. on American exports.
Trump has said he should have the authority to set higher. tariffs on countries that have actually positioned tariffs on U.S. imports,. often grumbling about Europe's higher tasks on autos. At. times on the project path, he threatened tariffs of 200% on. cars made in Mexico, particularly if Chinese automakers launch. production there. Trump has actually targeted China in particular in an effort to decouple. the world's 2 biggest economies. He has actually proposed tariffs of. 60% or more on all Chinese imports, far above his first-term. tariffs, in part to phase out imports of Chinese electronics and. pharmaceuticals. He also has stated he wishes to prohibit Chinese. companies from owning U.S. real estate and facilities in the. energy and tech sectors.
MASS DEPORTATIONS
Trump has actually pledged to restore his first-term policies. targeting unlawful border crossings and to forge ahead with. sweeping brand-new restrictions.
He has pledged to restrict access to asylum at the U.S.-Mexico. border and to embark on the biggest deportation effort in. American history, which would likely activate legal obstacles. and opposition from Democrats in Congress.
He has said he will use the National Guard, and, if. needed, federal troops, to attain his goal, and he has. not dismissed setting up detention camps to process individuals for. deportation. Trump has stated he would look for to end automated citizenship for. children born to immigrants. While such a relocation would run versus. the long-running interpretation of the U.S. Constitution's 14th. Modification, Trump has stated he would think about trying to press. through a new change that would accomplish his goal. He is expected to attempt to withdraw protected legal status for some. populations such as Haitians or Venezuelans, but would attempt to. look for a congressional offer to protect Dreamers - kids of. moms and dads who came to the country unlawfully.
Trump states he will reinstitute a version of his travel ban. policy that restricted entry into the U.S. of people from. Muslim-dominant countries and other nations, and triggered. several legal fights throughout his first term. A few of Trump's earliest appointments showed a seriousness to. follow through on his migration program. Trump has named a. border czar, Tom Homan, and will make Stephen Miller, the. designer of his immigration strategies, a White Home deputy chief. of staff.
DRILLING AWAY. Trump has vowed to increase U.S. production of nonrenewable fuel sources by. relieving allowing and expanding drilling on federal land. He has. said he would support prevalent oil drilling in the Arctic. National Wildlife Sanctuary in Alaska. Trump has actually vowed to create a National Energy Council to. coordinate policies to improve U.S. energy production, led by his. pick for interior secretary, former North Dakota Governor Doug. Burgum.
Whether the oil market follows through and raises. production - which is currently running at record highs - remains. to be seen.
Trump is most likely to again pull the U.S. out of the Paris. climate offer, a framework for lowering international greenhouse gas. emissions, and would support increased nuclear-energy. production. He would also roll back Democratic President Joe Biden's. electric-vehicle requireds and other policies targeted at reducing. auto emissions.
Trump has argued the U.S. needs to increase energy production. to be competitive in developing artificial-intelligence systems,. which take in big quantities of power.
TAX RELIEF. Along with his trade and energy programs, Trump has guaranteed to. slash federal guidelines that he states limit task development. He. has pledged to extend personal income-tax cuts that he signed. into law in 2017 however which are because of end on Dec. 31, and he. has actually proposed a variety of individual and business tax cuts. beyond those enacted in his very first term.
Trump has actually promised to decrease the corporate tax rate from 21%. to 15% for companies that make their products in the U.S.
. He has actually said he would look for legislation to end tax of. suggestions and overtime incomes to help waiters and other service. employees. He has pledged not to tax or cut Social Security. benefits.
Trump also has actually stated he would press the Federal Reserve to. lower interest rates - however would stop brief of requiring it.
The majority of, if not all, of his tax propositions would need. congressional action. Budget plan experts have cautioned that the bunch. of tax cuts would swell the federal debt by trillions of. dollars over a years without cost savings elsewhere.
GETTING RID OF VARIETY PROGRAMS. Trump has promised to require U.S. colleges and universities to. protect American custom and Western civilization and to. purge them of variety programs. He said he would direct the. Justice Department to pursue civil rights cases against schools. that participate in racial discrimination.
At K-12 schools, Trump would support programs allowing. moms and dads to utilize public funds for private or religious. guideline.
Trump has actually likewise suggested abolishing the federal Department. of Education and leaving states in control of schooling.
NO FEDERAL ABORTION RESTRICTION
Trump appointed three justices to the U.S. Supreme Court who. were part of the bulk that reversed the court's landmark. Roe v. Wade choice that ruled there was a constitutional right. to an abortion. He likely will continue to select federal. judges who would promote abortion limitations.
At the exact same time, Trump has said a federal abortion ban is. unneeded which the concern must be dealt with at the state. level. He has argued that a six-week ban preferred by some. Republicans is overly severe and that any legislation should. include exceptions for rape, incest and the health of the. mother.
Trump has recommended he would not look for to restrict access to the. abortion drug mifepristone after the U.S. Supreme Court declined. a challenge to the federal government's technique to managing it.
He supports policies that advance in vitro fertilization,. birth control and prenatal care.
A PUSH TO END WARS. Trump has actually been vital of U.S. support for Ukraine in its war. with Russia, and has stated he might end the war in 24 hr if. chosen - although consultants concede it will likely take months. if not longer.
He has actually recommended Ukraine might need to yield some of its. territory if a peace deal is to be struck. Trump and his pick for national security adviser, U.S. Representative Michael Waltz, have slammed the Biden. administration's choice in November to allow Ukraine to use. U.S.-provided missiles to strike within Russian territory.
Trump has likewise said that under his presidency the U.S. would. fundamentally reconsider NATO's function and NATO's objective.
Trump named U.S. Senator Marco Rubio, a China hawk, as his. secretary of state, charged with performing his diplomacy. goals. Trump has backed Israel in its fight versus Hamas in Gaza and. hailed a ceasefire deal revealed on Wednesday that might see. the eventual withdrawal of Israeli soldiers from Gaza and the. release of captives recorded by Hamas.
Trump is most likely to promote historical normalization of. relations between Israel and Saudi Arabia, an effort he made. during his 2017-2021 presidency and which Biden has likewise. pursued. He has urged the U.S. to stay out of the dispute in Syria that. has seen long time leader Bashar al-Assad deposed.
Trump has actually suggested building an iron dome - a. missile-defense guard comparable to Israel's - over the entire. continental U.S.
Trump has actually likewise floated the concept of sending out militaries into. Mexico to battle drug cartels and utilizing the U.S. Navy to form a. blockade of that country to stop smuggling of the opioid. fentanyl and its precursors. His transition group has actually been drawing up lists of capacity. high-ranking U.S. military officers to fire as part of a purge. of the Pentagon of those believed to be disloyal to Trump.
EXAMINING OPPONENTS, ASSISTING ALLIES. Trump has promised sometimes to utilize federal law enforcement. agencies to examine his political foes, including election. officials, attorneys and celebration donors. Trump tapped previous Florida Attorney general of the United States Pam Bondi as his. chief law officer and previous national security assistant Kash Patel as. his option to lead the FBI. Both have expressed sympathy for. Trump's desire to precise retribution on some of his critics,. although Trump of late has said that he will not direct them on. how to do their jobs.
He has actually said he would think about shooting a U.S. lawyer who did. not follow his regulations - which would make up a break with. the longstanding U.S. policy of an independent federal law. enforcement apparatus. Trump has said he will likely pardon many of those who have actually been. convicted of crimes in connection with the Jan. 6, 2021, attack. on the U.S. Capitol. In December, he recommended members of the. congressional committee that examined the attack needs to be. imprisoned.
In addition to criminal examinations, he has recommended. using the federal government's regulatory powers to punish those he. consider as critics, such as television networks.
PURGING THE FEDERAL BUREAUCRACY
Trump would seek to decimate what he terms the deep state--. career federal workers he states are clandestinely pursuing. their own agendas-- through an executive order that would. reclassify thousands of employees to allow them to be fired. That. would likely be challenged in court. He has actually said he will set up an independent federal government efficiency. panel headed by billionaire fan Elon Musk and former. presidential candidate Vivek Ramaswamy to root out waste in the. federal government. The federal government currently has guard dogs such as. the Office of Management and Spending plan, and inspectors general at. federal companies.
Trump would punish federal whistleblowers, who are. generally protected by law, and would institute an independent. body to keep track of U.S. intelligence companies.
(source: Reuters)