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Diamondback Energy beats quarterly profit estimates, raises production forecast
Diamondback Energy beat analysts' expectations on Monday for its second-quarter profits and raised its annual production forecast. The high global oil prices are due to supply disruptions caused by the Middle East conflict. The war in Iran that began in late February nearly stopped the flow of Middle East goods through the Strait of Hormuz. Brent crude went from an average of $69.82 per barrel in January, to $126.41 by April, and WTI from $65.17, to $109.64. Diamondback expects to produce over 1 million barrels of oil-equivalent per day by 2026, up from its previous projection of 972,000 BOEPD. The company produced 1018 Mboepd during the second quarter. This is up from 919 879?boepd one year ago. Diamondback, a shale producer based in the U.S. enjoys the benefits of higher commodity prices, just like other oil producers. The realized price per barrel of oil for the company was $94.33, up from $62.34 one year ago. According to LSEG, the Midland, Texas, based company reported an adjusted profit per?share of $6.48 for the three'months' ended June - 30. This was compared with analyst estimates of $6.01. (Reporting and editing by Sriraj Kalluvila in Bengaluru)
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Gold prices fall as markets consider Middle East instability and inflation risks
Gold prices fell on Monday, as concerns about inflation and the war in the Middle East remained. The markets will also be watching the U.S. Federal Reserve policy direction this week. Spot gold dropped 0.3% per ounce to $4,030.34 by 2:00 pm EDT (1800 GMT), and U.S. gold futures for delivery in August settled at $4,090.50, a 0.4% decline. Gold has been in a trading band for over a month, roughly between $4,000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in July when fresh data are expected to reverse much of the decline in June," Marex analyst Edward Meir stated. Three Fed officials, who dissented at last week's meeting and voted in favor of a rate increase, said that delaying the higher borrowing costs could keep inflation over the Fed's target of 2%. New York Fed President John Williams stated that the central bank is ready to increase rates if inflation pressures do not ease. Brent futures rose by more than 20% in the last month as a result of renewed fighting between Iran and the U.S., and after attacks on tankers near Oman raised?security concerns. The expectation that the Fed would keep rates high to combat inflation is exacerbated by higher energy prices, which weighs on gold. Iran said on Monday that there are no ongoing talks with the U.S., and?no plans?for any meetings. This contradicts President Donald Trump's claim that talks would be held to justify calling off a?attack. This week, market participants will closely monitor a number of U.S. jobs reports. These include the ADP Employment Report and the Nonfarm Payrolls Data. South Korea's central banks said that they would buy gold from local producers in order to diversify their sources of supply, and increase their holdings of precious metal. Silver spot was unchanged at $57.63 an ounce. Platinum fell 1.6% to $1.615.25, while palladium declined 1.7% to 1,252.62. (Reporting by Sukanya Mitra in Bengaluru; Editing by Sahal Muhammed)
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Chevron gives staff special bonuses following earnings blowout
Chevron is giving its employees a bonus for their operational performance so far in this year. This follows the U.S. Oil Producer's record earnings on Friday, which was?boosted by the high oil prices due to the ongoing war?in Iran. In an internal message that was seen by?, CEO Mike Wirth praised Chevron employees for meeting cost reduction targets, achieving deal synchronizations from the Hess purchase ahead of schedule, and operating safely amid the?geopolitical turmoil this year in Venezuela, and the Middle East. Wirth wrote, "Results such as these in an year like this one are not normal." They reflect an extraordinary effort in extraordinary circumstances. Email stated that the bonus would be equal to half of the monthly base pay for many employees. The cash announcement came as U.S. President Donald Trump continued his criticism of oil companies, calling on them to lower their gasoline prices. He also called out Wirth in a Sunday Fox News TV interview for failing to credit the administration with the company's successes. Get your retail (consumer!) "Oil Prices MUST DROP NOW!" Trump wrote in a blog post on Truth Social. Chevron did not respond immediately to a comment request about the statement. Sheila Dang reported from Houston. Nathan Crooks, Mark Potter and Nathan Crooks edited the report.
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Trump to attend mining executives' event amid critical minerals drive
Donald Trump is expected to participate in a roundtable with?mining executives on Friday, hosted by the United States. According to two people who are familiar with the plans, State Department. The event is a part of the Trump Administration's efforts to increase domestic and allied supply of critical minerals required for energy, defence and advanced technology. According to sources, the agenda, participants, and other details are fluid and could change. The administration has prioritized securing vital minerals supply chains, and is taking steps to increase domestic production, decrease reliance on China, and strengthen partnerships with its allies. It argues that to expand the sector, it will not only require investment in mines and processing facilities, but also an increase of skilled workers. This includes engineers, geologists miners, and technicians, since companies are facing a shortage of talent for future projects. According to a person who has direct knowledge of the plans, the U.S. Department of Energy will also host a Friday event focused on workforce training. The event will feature?representatives of all 14 accredited U.S. Mining Schools, and is intended to increase awareness about mining as a profession while?highlighting that more students are needed to enter this field, according to the?source. China's extensive network of mining school has made it the world's leading minerals producer. White House, Department of Energy and State Department have not responded to requests for comment. Ashley Burke, a representative of an industry trade association, said: "We are looking forward to working with the administration on solutions that will responsibly develop our nation's vast resource, secure our supply chains, and create the mining workforce of tomorrow."
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Stocks rise amid hopes for peace with Iran, oil falls; yen firms gain after intervention
On Monday, oil prices?dropped? and major stock indices gained?on signs that U.S. -Iran tensions are easing?again. Meanwhile, the yen?strengthened?against?the euro and dollar?after the?U.S. Japan and the United States confirmed their joint support. Oil prices fell sharply after U.S. president Donald Trump delayed a new attack on Iran, hoping to seal a deal quickly that would boost oil supply from the Gulf. U.S. crude oil was down by 6.07% to $79.53 per barrel at the end of yesterday, and Brent fell to $83.64 a barrel at the close. This is a 4.88% drop on a daily basis. Iran, however, said that no negotiations were underway with the U.S. or any plans to meet. The optimism over earnings has helped support the stock market. LSEG data shows that more than 300 companies in the S&P 500 have already reported their earnings. Approximately 85% of these firms beat expectations. Peter Cardillo is the chief market economist of Spartan Capital Securities, based in New York. "The sharp fall in oil prices due to Trump's cancellation of severe attacks against Iran, and hopes for a diplomatic solution, got things moving this morning," he said. He said that "so many earnings have exceeded expectations" and the guidance is positive. This has also been a positive for stocks. Amazon's market cap surpassed $3 trillion on Monday. This was aided by a strong rally after strong earnings, and signs that AI is driving demand for cloud computing services. The Dow Jones Industrial Average rose 512.69, or 0.98% to?52.998.45. The S&P 500 gained 96.74, or 1.29, points to 7,586.46. And the Nasdaq Composite gained 512.28, or 2.02% to 25,886.13. The MSCI index of global stocks rose 8.86 points or 0.79% to 1,129.37. The pan-European STOXX 600 rose by 0.45%. AstraZeneca shareholders punished the pharmaceutical company on Monday after reports of merger discussions with U.S. competitor Bristol Myers Squibb, which could make it the world's largest drugmaker with a combined valuation of nearly $400 billion. Japan's Nikkei ended 1% lower while South Korea's KOSPI fell more than 5%. Japan and the U.S. have conducted a coordinated yen buying intervention and won't hesitate to take additional action, Japan’s finance ministry announced on Monday. This confirms a rare bilateral effort to stop the yen’s slide to new 40-year-lows. Trump stated on Sunday that U.S. was helping Japan to prop up the Japanese yen in a show of friendship and for the benefit of the global economy. The dollar index, which measures the greenback in relation to a basket of currencies, including the yen, the euro and others, increased by 0.24%, reaching 99.95. Meanwhile, the euro fell 0.18%, at $1.1506. The dollar fell 0.44% against the Japanese yen to 156.87. Tokyo's unilateral intervention between late April and early may caused only a short yen recovery, while the Bank of Japan rate hike in June provided little support. This highlights the challenges policymakers face due to rising oil prices and an interest-rate gap with other major economies. As oil prices dropped, U.S. Treasury rates also fell. Traders continued to assess the chances of a Federal Reserve rate increase if the war lasted. The yield on benchmark U.S. 10 year notes The rate dropped by 5.52 basis points, to 4.69%. On Friday, it reached the highest level since January 2025 at 4.747%. After peaking on Friday at 5.2811%, the 30-year bond yield dropped 4.44 basis points to 5,2306%.
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Gold prices fall as markets consider Middle East instability and inflation risks
Gold prices fell a little on Monday, as concerns about inflation and the war in the Middle East remained. The markets are also watching the latest job reports to determine the Federal Reserve's next policy move. Spot gold dropped by 0.1% at $4,037.01 an ounce as of 12:37 pm EDT (1637 GMT) while U.S. gold futures for delivery in August fell by 0.3% to $4,000.05. "Gold is stuck in a range of trading for over a month, roughly between $4000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in July. "New data will likely reverse a large part of the decline in June," Marex analyst Edward Meir stated. Three Fed officials, who were against a rate increase at the policy meeting last week, said that delaying higher borrowing rates could keep inflation above the Fed’s 2% goal. New York Fed President John Williams stated that the central bank is ready to increase rates if inflation pressures do not ease. Brent futures rose more than 20 percent last month as fighting resumed between the U.S.A. and Iran and after attacks on tankers in Oman raised security concerns. The expectation that the Fed would keep rates high to combat inflation is exacerbated by higher energy prices, which weighs on gold. Iran stated 'on Monday that there are no talks in progress with the U.S., and?no plans to meet. This contradicts President Donald Trump, who had used talks as a justification to call off 'attacks. This week, market participants will closely monitor a number of U.S. jobs reports. These include the ADP Employment Report and the Nonfarm Payrolls Data. South Korea's central banks said that it would buy gold from local producers in order to diversify its sources of supply, and increase its precious metal holdings. (Reporting by Sukanya Mitra in Bengaluru; Editing by Sahal Muhammed) (Reporting by Sukanya Mitra in Bengaluru; Editing by Sahal Muhammed)
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Trafigura holds large amounts of LME Zinc as Prices Hit Four-Year High
Two industry sources claim that Trafigura, a commodity trading house, holds a large share of zinc available on the London Metal Exchange. This is despite the fact that the prices of zinc, which is used to galvanize steel, have reached their highest levels in nearly four years. Available, or on-warrant, LME zinc stocks Just 73,850 tons of refined zinc were consumed in the world last year. This is equivalent to two days' global consumption. According to the International Lead and Zinc Study Group, the world consumed 13.8 million tonnes of refined zinc in 2012. LME data shows that three entities have large holdings of LME Zinc warrants, which are title documents conferring ownership. This gives three large entities significant control over the immediate supply of zinc and fuels concerns about availability at?the LME. Trafigura refused to comment. The other two holders' identities are unknown. On Monday, the benchmark three-month zinc price on the LME increased by as much as 1,7% to $3703.50 per tonne, its highest level since August 16, 2022. However, it then lost all gains and fell 0.3% to $3633 at 1500 GMT. A fear of a shortage has created a premium or "backwardation" for contracts that are close to maturity over those with longer maturities. The LME cash zinc?contract trades at about $60 per ton more than the forward three-month contract The premium has eased from $73 a week earlier, but is still?in steep backwardation', which indicates near-term tightness. The premium for August is higher than the forward three-month contract. The spread is now above $63 per ton. This is the highest level since May 20, when the spread began trading. Exchange data 0#MZN FBR> reveal that one market participant had a short position equating to?to 20%-29% of the open interest in the LME August 'zinc contract. This could have been a bet made on lower prices, or a producer protecting its output. Positions?must then be squared, or rolled?over?before contract expires August 19th. The company might struggle to find the zinc it needs for delivery, unless they are a manufacturer. Also, if the supply is tight, rolling the position will be expensive. Reporting by Pratima Dasai and Tom Daly. Mark Potter edited the article.
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Beiersdorf says Middle East conflict disrupts Gulf sales, deliveries
Beiersdorf, the maker of Nivea, said that the conflict in the Middle East was disrupting sales and deliveries in key Gulf markets. This highlights how geopolitical tensions continue to impact consumer goods companies in the region. Vincent Warnery, Chief Executive of the company, said that due to the conflict the company was unable to ship some products to Saudi Arabia or the United Arab Emirates. "This is something that impacts not only our costs, but also consumption." We hope the war will end soon so that we can get back to business as usual," he said in a press conference. Beiersdorf warned in April that sales in the Middle East were being adversely affected by conflict. Warnery also said that the company was closely monitoring the oil markets, given the possible impact of higher crude costs on packaging and other input costs. Warnery stated that despite the sharp rise in oil prices following the intensification of the conflict between the United States and Iran, prices have not reached the levels Beiersdorf had predicted. He said that the "good news" was that the sustained increases in oil prices will eventually filter through to the costs of the company because it uses a large amount of plastic packaging. Beiersdorf lowered its full-year outlook on Monday, citing "a difficult market climate and a slower than expected recovery" at its core Nivea product.
The Philippines flood control project fails the poor
Infrastructure is key to flood control in the Philippines
Advocacy group calls out'misalignment of flood control projects'
Risk management must be 'holistic' to protect communities
By Mariejo Ramos
She said that heavy rains in Bulacan - a densely populated region north of Manila - knocked over trees and a bamboo stilt home one night in the summer.
Bulacan is one of the provinces that are most prone to flooding in the country. In the last three years, Bulacan has seen the most projects for flood control built.
The government spent over 500 billion Philippine Pesos (8.5 billion dollars) to build infrastructure, such as dykes and seawalls. It also laid down large stones called ripraps to control stormwater.
State investigations revealed that many flood-prone residents were still not protected by the state due to overpriced construction contracts, unfinished buildings and projects that did not match flood risk.
In September, President Ferdinand Marcos Jr. created a commission to investigate corruption in flood-control projects after thousands of Filipinos protested on the streets of Manila to demand accountability from the government.
Dela Cruz has lived on the Angat River's banks for over 40 years. "We were disappointed when we learned how much money was being spent for flood control. We were left behind," he said.
A concrete dam releases water into the Angat reservoir when heavy rains fall to prevent overflow. This exposes downstream communities, like Dela Cruz, to riverbank erosion.
Dela Cruz said, "A state engineer told us that they would build a wall around us to protect us against disasters... But I hope the Government will act soon to prevent another major storm from hitting us."
According to studies, floods in communities on the front lines of climate change are getting worse every year. This is despite the fact that the government has allocated 1.47 trillion pesos (25.23 billion dollars) over the past 15 years for flood mitigation and control programs.
MISMATCH AND CORRUPTION
Residents of another settlement in Sipat along the Angat River were happy to see construction begin in August this year for a riverbank structure that would help prevent flooding.
They learned a month later that the project, worth 96 million pesos ($1.650 millions), had been completed by a different contractor in 2024, even though they had seen no work.
This structure is among several "ghosts" or nonexistent projects for flood control in Bulacan that were marked as completed based upon a database released by the President.
The lawmakers are looking into contractors and officials of the government who could have been involved with stealing funds intended for flood control projects which never materialized.
Oscar Gabriel, the chief of Sipat Village in Plaridel, said, "I was shocked to learn about this ghost project and felt sorry for my community."
"We were pleased that this project came our way, but were lied to and tricked."
As of early this month, the project was still unfinished.
According to a report by Pro-People Engineers and Leaders, a local non-profit that promotes equitable engineering, in Bulacan too, certain flood control projects are not aligned with the actual flood hazards.
Jose Antonio Montalban is an engineer at Propel and a public information officer. He said that there was a feeling of misalignment, and he felt the DPWH did not prioritize flood hazard zones for flood control.
Propel discovered that flood-prone areas of several towns in Bulacan were lacking in flood control infrastructure. This was based on the data of Project NOAH, the Philippines' disaster reduction and management program.
According to the group 411 of the 668 projects for flood control in Bulacan do not fall within any flood-prone areas.
Failure of Infrastructure
Montalban noted that scientific assessments are needed to assess water resources and flood hazards, such as the hydrogeographical condition of a particular area.
He claimed to have seen infrastructure built without any feasibility studies or other necessary studies.
He said that flaws in engineering and design, which are linked to corruption and lack proper planning, can lead to disasters such as the collapse of seawalls and dykes.
The burden on the communities affected by these disasters is great. The engineer explained that when a flood control system collapses, it has a severe and immediate impact on the safety of people.
In a 2022 study, architecture scholars found that the Philippines' costly flood control structures are rendered ineffective if they are not completed or maintained.
The study concluded that the best solutions for reducing the impact of flooding were non-structural.
The report suggested a mix of structural and nonstructural solutions such as improving flood warning and forecasting systems, and assessing water and land resources.
COMMUNITY BASED SOLUTIONS
Greenpeace Philippines stated that corruption in flood infrastructure "cripples the ability of millions Filipinos to survive amidst an escalating global climate crisis".
"Each year, flooding is causing more and more deaths, destruction of homes, and loss of livelihoods for millions Filipinos. Floods also resulted in massive economic losses to local governments and the national government," Greenpeace stated in a Sept. 8 statement.
Propel calls for holistic flood risk mitigation, including community consultations and natural-based solutions.
The Asian Development Bank has identified a few solutions, including restoring wetlands that absorb excess water, creating areas for water retention and revitalizing old river channels.
Propel proposes a comprehensive drainage plan to replace the Philippines "fragmented" framework for flood risk management.
Gabriel, in Sipat, said that transparency is crucial to public works.
He said that flood control infrastructure was a good idea, particularly in areas susceptible to erosion.
(source: Reuters)