Latest News
-
New Delhi: US gives India a six-month waiver of sanctions to operate Iran's Chabahar Port
India announced on Thursday that the U.S. had granted it a six-month waiver of sanctions to operate Chabahar's Iranian port. This will help New Delhi to boost its trade with Afghanistan and Central Asian nations, bypassing Pakistan. Last year, India signed a contract for 10 years with Iran. Develop and operate a port This month, the United States has increased its cooperation with Taliban-run Afghanistan. Reopening of its Embassy Kabul was closed in 2021 after the Islamist group took power following the withdrawal by the U.S. led NATO forces. Initially, the port was planned to be built on Iran's Gulf of Oman coast in the southeast. It would have a rail connection to Afghanistan. The goal was to build the economy of the landlocked nation through trade while reducing Kabul’s dependency on the Pakistani Port of Karachi. The waiver came after U.S. president Donald Trump said this week that he hoped to reach an agreement with the European Union. Trade deal with India - a sign of a warming in relations, which had deteriorated to their worst point in decades when he doubled the tariffs on Indian imported goods to 50% in punishment for Indian purchases Russian oil. Indian refiners now cut Russian oil imports Following Washington's sanctions imposed last week on Moscow's two largest crude oil exporters, Rosneft & Lukoil. Randhir Jaiswal, spokesperson for the Indian Foreign Ministry, said at a weekly press briefing that the port had been granted an exemption. He said that India and the Trump administration were continuing to discuss a bilateral deal. Washington had last week revoked sanctions waivers for Chabahar that were initially granted in 2018 as part of an effort to "maximize pressure" on Iran in order to counter what they called destabilising activities by the Islamic Republic in support of their nuclear and missile programmes. Unnamed Indian officials confirmed that the waiver of U.S. sanctions had come into effect on Wednesday. The U.S. Embassy in New Delhi didn't immediately respond to an inquiry for comment. Reporting by Shivam Patel, editing by Sudipto Ganuly and Mark Heinrich
-
Russell: Imports of thermal coal from Asia are easing as prices increase after a 4-year low.
The prices of the main grades in seaborne thermal coal have been recovering modestly from their four-year lows. However, the gains come at the expense of volume as major importers reduce demand. According to analysts DBX Commodities, China, India and South Korea are on course for lower coal arrivals in September than October. The prices of the main Australian and Indonesian grades have been rising since early June after a downward trend that began in October 2023. The lower prices in July and August did increase import demand, but the higher prices are now causing buyers to pull back. DBX estimates that China imported 28.17 millions metric tons of seaborne thermal coke in October. This is down from 28.43 in September, and below the 33.53 in October last year. India, the second largest coal importer in the world, is expected to import 13,35 million tons in October. This is down from the 13.76 million tons imported in September, and also below the 13.82 millions from last October. DBX predicts that Japan, ranked third in the world, will import 9.52 millions tons in October. This is down from 10.44 in September and 9.94 in 2024. South Korea is the fourth largest coal importer in the world. It expects to receive 6.45 million tonnes of coal in October. This is down from 8.19 millions in September but an increase from 5.92 million in October last year. It is not surprising that October's lower imports reflect the increased prices from July. PRICE RECOVERY Argus, a commodity reporting agency, assessed the price of Australian coal that has an energy content of 5500 kilocalories/kg (kcal/kg), a popular grade in China and India. The price was $76.34 per ton for the week ending October 20. The price has increased by 16% from the low of $65.72 set in early June, and now stands at its highest level since the week ending March 3. Argus assessed Indonesian coal, with an energy content 4,200 kcal/kg at $45.26 a tonne in the seven-day period ending October 20. This is a 12% increase from its low of $40.45 a tonne in the week of July 4. GlobalCOAL assessed the price for 6,000 kcal/kg of fuel at Newcastle Port at $105.34 per ton on Tuesday, an increase from $103.74 last week. Newcastle's price, however, has remained largely unchanged in recent weeks in a small range of around $104 per ton. The lower imports to Japan and South Korea is more likely due to a weaker demand during the shoulder season, between the peak of northern summer and winter. Recent trends in the import and price of Asian seaborne thermal coke show that the market is divided between buyers who are more sensitive to prices, such as China and India and those who are more seasonal-driven, such as Japan or South Korea. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
-
Southern Co exceeds its quarterly profit forecasts as US demand for power soars
U.S. utility Southern Co surpassed Wall Street expectations for third-quarter profits on Thursday, thanks to a surge in demand for electricity by businesses. Kilowatt-hours sold in the commercial sector grew 2.3% from the previous year's third quarter, while in the industrial sector they increased 1.5%. The extreme heat of the summer months increased the use of air conditioners, refrigerators and data centers in factories and offices. Businesses rushing to adopt artificial-intelligence technology also drove demand for power-hungry servers. In three years' time, data centers may consume up to 12% of the nation's production, which is nearly triple its current share. Electric utilities made $1.92 billion during the third quarter of 2018, up from $1.62billion a year ago The CEO Chris Womack stated that the results highlighted "momentum surrounding electric demand growth opportunities". Southern Co is the second largest utility in the United States, with 9 million customers. It serves the states of Alabama Georgia Illinois Mississippi Tennessee and Virginia. The company's operating revenues increased 7.5% for the quarter to $7.82 Billion. According to LSEG, the Atlanta-based company reported an adjusted profit per share of $1.60 for the three months ending September 30. This was compared to analysts' expectations of $1.51, according LSEG data. Sumit Saha, Bengaluru. Devika Syamnath, editing.
-
Hurricane Melissa slams Caribbean and accelerates towards Bermuda
Hurricane Melissa, which swept through the Caribbean on Thursday and was seen gaining speed as it moved across open water towards Bermuda, left a path of destruction and high winds from Jamaica to Cuba. As the storm passed, people in the Bahamas and Turks and Caicos were slammed with rain and dangerous winds. Bermudans, located around 600 miles (970km) northeast of the last position of the storm, prepared for the expected evening arrival. Authorities in the region are struggling to keep up with the devastation. They have confirmed 25 deaths, 10 of which were children, in Haiti and four in Jamaica. According to the U.S. National Hurricane Center at 1200 GMT, Melissa had winds close to 105 mph (165 kph) and was downgraded to a Category 2. WALKING BAREFOOT IN MUD The Florida-based forecaster predicted that it would continue to accelerate northeastward, and "pass northwest of Bermuda" on Thursday before likely weakening Friday. Bermuda will, among other things, close its causeway Thursday night as well as all schools and ferry services on Friday. This is "out of a sense of abundance of caution," said National Security Minister Michael Weeks in a press release. He said: "I urge all residents to be vigilant as we face another natural threat to the way of our lives." He added that people should stay off the roads and check on their neighbors until further notice. Melissa, the strongest hurricane to ever directly strike Jamaica, struck the island on Tuesday. It had sustained winds of over 185 mph - far exceeding the minimum strength required for a hurricane classified as Category 5. Alfred Hines, aged 77, described how he narrowly escaped the floodwaters in a Montego Bay neighbourhood. He waded through thick mud with his bare feet. He said on Wednesday, "I saw the water around my neck and then (after) 10 minutes, I saw it at my waist. I made my escape." I just want it to be over and for things to return to normal. Kingston, the capital city of Jamaica, was spared from the worst damages and its airport is set to reopen Thursday. The U.S. forecaster AccuWeather estimates that Melissa will cost up to $22 billion dollars in economic losses and damages. Rebuilding could take 10 years or longer. The front page of the Jamaica Observer on Thursday read "DEVASTATION". EVACUATIONS & FLOODS AccuWeather reported that Melissa was the Caribbean’s third most intense hurricane recorded, and its slowest moving, making it particularly destructive. As the storm approached the Bahamas, the government evacuated nearly 1,500 people in one of the largest evacuations it has ever conducted. Video showed Wednesday that high winds tore up palm trees at a resort in the vicinity of George Town and created waves. The hurricane did not hit Haiti directly, but it pounded the Caribbean nation with rain for days. Authorities reported that at least 25 people died, mostly due to flooding in Petit-Goave. This coastal town is 64 km west from the capital, where a river burst it's banks. Haiti's disaster agency reported that at least 12 people were missing and 10 children had died. More than 1,000 homes in Haiti have been submerged and more than 12,000 people have moved to emergency shelters. According to initial media reports, Cubans in at least 241 isolated communities were still without communication on Wednesday after the storm passed through Santiago province. This affected up to 140,000 people. As the storm approached, authorities in eastern Cuba evacuated approximately 735,000 residents. Scientists claim that hurricanes are becoming more intense and occurring with greater frequency due to the warming of ocean water caused by greenhouse gas emission. Many Caribbean leaders are calling on heavily polluting nations to offer reparations, either in the form or aid. Reporting by Sarah Morland, Brendan O'Boyle, Steven Aristil, Herbert Villarraga, Dave Sherwood, Zahra Burton, and Maria Alejandra Cardona from Mexico City; writing by Andrew Heavens and editing by Timothy Heritage.
-
Vulcan Materials posts quarterly results above estimates on strong construction demand
Vulcan Materials, the U.S. construction materials giant, reported quarterly profits and revenues above Wall Street expectations on Thursday. This was fueled by a resilient demand for concrete, asphalt, and other building aggregates. The company said that favorable weather conditions in most of its markets and strong public construction activities helped it boost aggregate shipments 12% during the third quarter. As we look ahead to 2026 ,...we anticipate continued strength in the public construction sector and an improved private non-residential outlook. This combination should also benefit a healthy pricing environment, said CEO Tom Hill. LSEG data shows that the company expects its 2025 adjusted EBITDA range to be between $2,35 billion and $2,45 billion. This is compared to analysts' estimates of $2,43 billion. Vulcan announced a third-quarter adjusted net profit of $2.84 a share, which was above the analysts' estimate of $2.72. The country's largest producer in construction aggregates reported a gross profit of 612,1 million dollars, an increase of about 23% compared to a year ago. The company reported $2.29 billion revenue for the third quarter ending September 30, exceeding estimates of $2.27. Reporting by Abhinav Paramar in Bengaluru
-
Exclusive -State Street removes US Fund arm from climate group
State Street, third largest asset manager in the world, announced that it will withdraw the majority of its operations from the main global climate alliance of the sector, despite its efforts to retain its members by relaxing the rules. State Street's spokesperson did not give a reason for its decision to withdraw its U.S. division from the Net Zero Asset Managers program, but said that the European units would continue to be part of the State Street group. State Street's spokesperson stated that they were "determined to redefine our membership to NZAM in order to support our clients who have net-zero investment goals and objectives". State Street Investment Management's decision, which involves $5.4 trillion of assets, coincides with other major U.S. funds evaluating their memberships in light of rule changes. This is in response to political pressure from the United States and in advance of climate talks in Brazil. NZAM HAS CHANGED THE STATEMENT OF ITS MEMBERSHIP CONDITIONS NZAM was launched five years ago with the aim of addressing financial risks associated with climate change, and providing a platform for collective actions. However, critics have accused it of possible antitrust violations. Vanguard, followed by BlackRock as the industry leader, left the group. This prompted NZAM's review of their activities which culminated on Wednesday with confirmation that membership rules will be relaxed. JPMorgan’s fund division also left the group back in March. NZAM no longer requires members to achieve net-zero emissions portfolio by the mid-century or to set interim goals. Members will be asked to do simpler things, such as providing information on climate risk to clients. State Street refused to discuss the new rules or specify what percentage of assets would be covered by NZAM membership. Other firms that assess membership State Street stated that its EU and UK subsidiaries remain "subjected to our fiduciary duty to our clients", and added that its business "remains at all times independent in investment decisions". The language could be used to counter claims made in Texas, where the Republican Attorney General of Texas has sued State Street BlackRock and Vanguard for their climate records and cited NZAM membership as proof that they have engaged in improper collective behavior. A judge in August allowed the majority of claims to proceed. Maria Elena Drew said that T. Rowe Price, the Global Head of Sustainability at T. Rowe Price, would be reviewing whether it remained a signatory after a period of three months evaluation by NZAM. She said: "Whether or not we do, we are committed to making investment decisions and stewardship with an understanding all material risks, opportunities, and those related to climate and environment," Wellington Management sent an email to say that they were currently reviewing the NZAM commitment. We maintain that we believe material ESG factors, such as climate considerations can impact the long-term value and profitability of assets in which we invest. It is therefore in the best interests of our clients for us to analyse them. (Editing by Kirsten Doovan)
-
Quanta raises its annual revenue forecast due to strong US demand
Quanta Services beat expectations for the third quarter results and raised its revenue forecast on Thursday. Growing power needs in the U.S. drove the energy contractor’s electric and renewables businesses. The company, which provides infrastructure services to the utility, renewable energy and technology industries, as well as communications, pipelines and energy, benefits from the surge in power demand for data centers, as well as from aging power grids and electrification, as it also benefits from onshoring manufacturing in America. It raised its revenue forecast from $27.4 to $27.9 Billion to between $27.8 and $28.2 Billion, citing an acceleration in demand for the larger electric segment. According to LSEG, the Houston-based company reported a quarterly adjusted profit per share of $3.33, compared to analysts' estimates of $3.26, LSEG data shows. The revenue for the third quarter ended in September rose 17.5%, to $7.63billion, as compared to estimates of $7.39billion. Quanta's adjusted profit forecast was reduced to between $10.33 to $10.83 per common share from its previous view of $10.28 - $10.88, while maintaining the midpoint at $10.58, which is in line with its estimates. (Reporting from Aatreyee dasgupta, Bengaluru. Editing by Sahal Muhammad)
-
India claims that companies are licensed to import rare-earth magnets from China
India's Foreign Ministry announced on Thursday that Indian companies had received licenses to import rare earth magnets. This signals a relaxation of Beijing's export controls. China has become more powerful in its trade wars with the U.S. because of rare earths. Rare earths are a grouping of 17 elements which play an important role in planes, cars and weapons. Randhir Jaiswal, spokesperson for the Indian foreign ministry, announced the licensing decision at a press briefing. He did not give details about the companies who received approval or the number of licenses granted. China is the only country that has a near-absolute control over the technology used to convert rare earth minerals into magnets. In an effort to strengthen its geopolitical power, Beijing has restricted the exports of these materials, including to India. China had a busy day earlier in the morning Delay is acceptable The introduction of the latest round of export controls on rare earths is part of a deal reached between U.S. president Donald Trump and Chinese leader Xi Jinping. However, previous restrictions are still in place. Beijing has significantly increased its Export controls on rare earths This month, the list of controls was expanded to include five elements new and dozens of technologies for refining. These rules require that foreign producers who use Chinese materials comply with China's system of export control. China announced new export restrictions on industrial diamonds and electric battery equipment on October 9. Battery-related restrictions caused a global rush of customers. Reliance Industries in India, for example, has been urged to speed up shipments by the deadline of early November. China's export restrictions on rare earths has highlighted the dangers of being dependent on a single supplier. The April curbs caused shortages which threatened to disrupt the global auto production. (Reporting and editing by Sudipto Ganuly and Ed Osmond; reporting by Shivam Patel, Surbhi misra)
Top cases heard by the US Supreme Court in 2025-2026
The U.S. Supreme Court is preparing to decide a number of cases during its upcoming term that begins in October. These cases include issues like tariffs, transgender, campaign finance, crisis pregnancy centers and religious rights. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases in several cases that involved challenges to President Donald Trump’s policies.
TRUMP TARIFFS On September 9, the court agreed to rule on the legality Trump's sweeping tariffs around world, a test that will be a major part of his agenda for economics and trade. The court heard the Justice Department appeal against a lower-court ruling that Trump had overstepped his powers in imposing his tariffs, which were imposed under a federal emergency law. This case could result in trillions of dollars worth of customs duties for the next decade. The U.S. Court of Appeals in Washington ruled Trump had overreached by invoking a 1977 act known as the International Emergency Economic Powers Act in order to impose tariffs. This ruling was made in response to challenges from five small businesses as well as 12 U.S. States. A toy manufacturer will also be bringing a separate case. Arguments will be held in the first week of Novembre.
TRANSGENDER SPORTS PARTICIPATION On July 3, the court decided to hear Idaho and West Virginia's bid to enforce state laws that prohibit transgender athletes in female sports teams of public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled.
CAMPAIGN-FINANCE On June 30, the court agreed to hear a Republican challenge, based on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. The case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that upheld the restrictions on how much money political parties could spend on campaigns, with the input of candidates they supported. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments have not been scheduled.
GAY "CONVERSION THERAPEUTY" The Justices agreed on March 10 to hear a Christian Therapist's challenge to a Democratic Colorado law that bans "conversion therapy", which is intended to change a child's sexual orientation. Kaley Chiles, a licensed counselor, appealed the decision of a lower court that rejected her claim that a 2019 statute violated the First Amendment by censoring her communications with her clients. The state claims it regulates professional conduct and not speech. Chiles, a Colorado-based Christian therapist who believes that "people flourish when they live in accordance with God's plan including their biological gender," according to court documents. Arguments will be held on October 7.
CRISIS PREGNANCY COUNTER The court agreed on June 16 to reconsider reviving the operator of a New Jersey crisis pregnancies center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women to believe it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court prior to bringing a lawsuit against it. Crisis pregnancy centers offer services to pregnant women in order to prevent them from getting an abortion. Abortion rights activists have criticized them for not advertising their anti-abortion position. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. The arguments have not been scheduled.
RASTAFARIAN INMATES The Justices took up on June 23, a Rastafarian's lawsuit against state prison officials in Louisiana for holding him down and shaving him bald, in violation of their religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by state and local government. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined in institutions like prisons and jails. The arguments are scheduled for 10 November.
DEATH ROW INMATES The court decided on June 6 to hear the appeal of Alabama officials against a ruling that an Alabama man convicted of murder in 1997 was intellectually disabled. This finding spared him the death penalty, but the Republican-led state is still pushing to execute him. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court precedent from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments have not been scheduled. Arguments will be held on November 4.
LOUISIANA ELECTORAL DISTRECTS The court will again hear arguments in a dispute involving a Louisiana election map that increased the number of U.S. Congress districts with a majority of Black people in the state. The court announced on August 1, that it would assess the legality a key component in the landmark Voting Right Act. This could give its conservative majority the chance to eliminate a provision that was enacted 60-years ago to prevent racial bias when voting. Justices heard arguments on March 24, but ordered on June 27 that the matter be debated again. State officials and civil right groups appealed an earlier court ruling which found that the map of Louisiana's six U.S. House of Representatives district - now with two Black majority districts instead of one - was in violation of the Constitution's equal protection promise. Arguments will be held on October 15.
COX COMMUNICATIONS PIRACY VERDICT On June 30, the justices took up a dispute over copyright between Cox Communications, an internet service provider, and a group music labels. This was in response to a court decision that had thrown out a $1 Billion jury verdict against Cox Communications for alleged music piracy by Cox users. Cox Communications appealed the lower court decision that it remained liable for any copyright violations by its customers despite the decision to overturn the jury verdict. Sony Music, Universal Music Group, and Warner Music Group are among the labels. The arguments have not been scheduled.
CHEVRON & EXXON COASTAL POLLLUTION On June 16, the court agreed to hear an application by Chevron and Exxon Mobil, as well as other oil and gas firms to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period to federal court. The companies appealed the lower court's decision rejecting their claim that the lawsuits should be heard in federal court, because the parishes Plaquemines & Cameron were suing for oil production undertaken during World War II to fulfill U.S. Government refinery contracts. Federal court is viewed as a more friendly venue for such litigation. Arguments have not been scheduled.
ENBRIDGE PIPELLINE DISPUTE On June 30, the justices decided to hear Enbridge’s request to change the venue of Michigan’s lawsuit to force the Canadian pipe-line operator to cease operating a line beneath the Straits of Mackinac (waterways connecting two of the Great Lakes) due to environmental concerns. Enbridge appealed the lower court's decision rejecting its request to transfer the case from state to federal court. Federal court is considered to be more favourable to defendants. The arguments have not been scheduled.
(source: Reuters)