Latest News
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Brent oil stocks are in limbo as they head for a record-breaking month
Brent crude oil rose by 3% Monday, and was on track for a monthly record rise. Global stocks were in limbo while investors waited for the Gulf conflict that they fear could 'bring inflation to a climax and increase the risk of recession in many parts of the world. In a region that is more dependent on Gulf oil, the?Nikkei?index closed down 2.8% in Asia. European stock markets firmed up in early trading, and Wall Street futures indicated gains - albeit small given the recent sell-off. Investors were assessing conflicting developments. According to The Financial Times, Donald Trump said that the U.S. might seize Kharg Island, where Iran exports most of its oil from the Persian Gulf. However, he also suggested that a ceasefire may come soon. Pakistan has said that it is preparing "meaningful discussions" in order to resolve the conflict with Iran within the next few days. This comes despite the fact that Tehran accuses Washington of planning a land attack as the U.S. army builds up its forces in the area. Eren Osman is managing director of wealth at Arbuthnot Latham. He said that reopening the Strait of Hormuz would be the key to calm the world markets. He said he didn't expect a long-term conflict because he thought Trump had a pain threshold for the market. Madison Cartwright is a senior geo-economics expert at Commonwealth Bank of Australia. She said that Iran's control of Strait of Hormuz gave it little incentive for concession. The bank expected the war to last until at least June. Prices for fuel, oil, gas and fertiliser have risen as a result of the clampdown in the Strait. Food, pharmaceuticals and other petrochemicals are all expected to increase in price. This is especially bad news for Asia as much of this region depends on Middle Eastern energy. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 1.8%. European stocks last gained 0.3%. S&P 500 and Nasdaq Futures both showed gains of 0.5% each. Bruce Kasman warned that the longer the Strait is closed, the more the buffer supply will be reduced, which could lead to dramatic price increases for crude oil, gas, and other commodities. If the Strait remained closed for another month, oil prices would rise to $150/bbl. This scenario would also be consistent with a possible increase in industrial energy consumers' costs. Brent crude is up 3% at $116 per barrel. This would be a gain of 60% in March, which would surpass the jump in price that occurred in 1990 after Iraq invaded Kuwait. U.S. Crude climbed 2% at $101.67. Investors have revised their outlook for interest rate rates in almost all countries due to the inflationary threat. The U.S. Federal Reserve chair Jerome Powell is scheduled to speak at an event on Monday. John Williams, the influential head of New York Fed will also be speaking. This week, data on U.S. manufacturing, retail sales and payrolls will give an update on the state of the economy. Bond markets have been hit by the energy shock and pressure on fiscal budgets due to higher borrowing costs. The yields on ten-year U.S. Treasury bonds were at their lowest point of?4.3959%. The increased volatility of the markets has helped the U.S. Dollar as the most liquid currency in the world. The U.S. also has a comparative advantage over Europe and Asia because it is a net exporter of energy. The dollar index traded?nearly a 10-month-high at 100.26 and was essentially flat for the day. The?dollar fell 0.3% to 159.775yen after more warnings from Japanese authorities about possible intervention. The?dollar has dropped 0.3% to 159.775 yen after more warnings from the Japanese authorities. The euro dropped 0.1% to $1.1493, which is not far off the March low of $1.1409. Gold gained 0.9% on commodity markets to $4,534 per ounce, after recently receiving little support as a haven for safe-havens or as a hedge from inflation risks. Reporting by Iain Withers, Wayne Cole and Thomas Derpinghaus; Editing by Muralikumar Aantharaman and Susan Fenton
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The gold price is capped by dimmed Fed rate cuts and dip buying;
Gold rose on Monday due to a surge in energy prices, which fueled inflation fears and dimmed expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0755 GMT spot gold was up 0.8% at $4,526.67 an ounce, bouncing back from a loss of 1% earlier in the day. U.S. Gold Futures for April Delivery gained 0.7%, reaching $4,554. Gold's price action last week, when it ended a three-week losing run, suggested that oversold behavior was at play and that recent declines could be reversed. This must be confirmed this week by the price action. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that given the rapid pace of headlines, it was easy to anticipate volatility. Brent crude rose above $115 per barrel after Yemeni Houthis attacked Israel over the weekend. This widened the ongoing war and added to inflation problems. The contract has risen 60% in March so far, which is a record monthly increase. The traders see little likelihood of a rate cut in the United States this year as higher energy costs threaten to increase inflation and limit monetary easing. This compares to expectations of two rate cuts before the conflict started. Gold's appeal is boosted by inflation, but high interest rates reduce its demand. The markets are now awaiting Federal Reserve Chair Jerome Powell’s remarks later that day at a Harvard conference, as well as remarks from New York Fed President John Williams. The U.S. Dollar, which has gained a little more than 2% since February 28, when the U.S. and Israeli war against Iran began, has been a major factor in the gold price's decline. Bullion has risen about 5% this quarter. The biggest macro-picture behind this underperformance is a huge shift in interest rate expectations... Frappell said that the USD has reacted to this. Spot silver increased 1.2%, to $70.43 an ounce. Palladium and platinum spot prices rose by 3.4% and 2.8% respectively. (Reporting and editing by Sumana Nandy, Harikrishnan Nair, and Noel John from Bengaluru)
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Floods and heavy rain kill 22 Afghans
The National Disaster Management Authority in 'Afghanistan (NDMA)' announced on Monday that heavy rains triggered flash floods and collapsed buildings, killing 22 people. It also injured 32 others. The majority of deaths occurred in the eastern and central provinces, such as Parwan, Maidan Wardak and Daykundi, where torrential rainfall caused flash floods, and collapsed houses. It said that conditions remained "unstable", with the risk of flooding and further rain in certain areas. Twenty-two people have been killed and 32 injured in floods and other weather related incidents that occurred across 13 provinces during the last two days, according to an NDMA representative who declined to be identified because he wasn't authorised to address the media. Afghanistan is susceptible to 'natural disasters, and the United Nations has listed it as one of?the most vulnerable countries to climate change. Since the Taliban took power in 2021, international aid has been cut, and the country is struggling to cope. In a report published by the United Nations Development Programme in November, it was stated that earthquakes, flooding, and drought had destroyed 8,000 Afghan homes in 2025, and stretched public services to their limit. Reporting by Sayed Hassib, writing Sakshi Dayal and editing Kate Mayberry.
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India's JioStar terminates Bangladesh IPL cricket broadcast deal, letter shows
Documents seen by the.. In January, Bangladesh banned IPL broadcasts. This was after Kolkata Knight Riders dropped Bangladesh pacer Mustafizur Rahman at the Indian Cricket Board's request. Tensions between the two nations were rising following the murder of a Hindu in Bangladesh. Even though Bangladesh is reviewing its ban, and said on Saturday that any further action will depend on the 'opinion of its sports minister,' the termination by JioStar will mean there will be no broadcaster local for the upcoming IPL season even if it were to change their stance. The agreement is terminated immediately," JioStar stated in a letter dated 17 February to Bangladesh broadcaster TSports. TSports had sublicensed rights from JioStar for IPL season from 2023-2027. The company said that its partner "continued to fail and default" in adhering the agreed payment deadlines. JioStar, the joint venture between Ambani’s Reliance Group and Walt Disney did not reply to questions. TSports, Bangladesh's sport and information ministries and the Ambani-owned Reliance did not reply to queries. IPL is the richest cricket league in the world, valued at $18.5 billion. It is hugely popular in Bangladesh where cricket is a passion, just like in the rest of the subcontinent. The latest season began on March 28. India-Bangladesh ties have been strained ever since the 'political transition' in 'Dhaka on August 20, 2024, which disrupted close ties between Sheikh Hasina and former Prime Minister. Hasina fled to New Delhi following a "mass uprising" in response. There are signs that the relations have thawed since Tarique Rahman said, in February, that Bangladesh will engage with its neighbours on the basis mutual respect and shared interests. In a separate JioStar email, also dated 'February 17', the company also announced that it had terminated the broadcasting deals for the Women’s Premier League Cricket Tournament in Bangladesh due to similar defaults. Reporting by Praveen Parmasivam, Dhaka, and RumaPaul in Chennai; editing by Aditya Koyyur and Arun Kalra
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South Korea confirms imports of Russian naphtha
The South Korean Industry Ministry confirmed the import of 27,000 tons of Russian naphtha arriving on Monday. The ministry refused to confirm the destination of the shipment or if it was for one South Korean company or multiple firms. Local media reported that this is the first time South Korea imports Russian?naphtha after the beginning of the Iran War. Local media reported that the industry ministry is working with the South Korean Foreign Ministry to secure additional supplies of Russian naphtha. Naphtha, a refined oil-based product, is typically used as a feedstock by petrochemical manufacturers and is also a key ingredient in plastics. The ministry said that although South?Korean firms are also trying hard to secure Russian crude, they haven't been successful yet. Ahn Dogeol of the ruling party, who attended a meeting on the economic impact of the Middle East Crisis, said that another problem is a shortage in synthetic resin, which is used to create plastic products and glues. The industry ministry was looking into ways such as limiting the exports of this material. Reporters at the parliament were told that the government was preparing measures to 'prioritise' key sectors such as healthcare, where plastics are used in many different ways, including medical procedures, or everyday necessities, should the war continue, and it'releases domestic oil reserves, or expands supply of petrochemicals,' lawmakers said. Reporting by Heejin Shim, Kyu-seok Kim and Joyce Lee. Editing by Christian Schmollinger & Kate Mayberry.
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Stocks in Europe hold steady ahead of inflation data
European shares were little changed on Monday, ahead of a local inflation report. Investors also continued to watch the Middle East conflict that has impacted global markets. As of 0809 GMT, the pan-European STOXX 600 index was flat at 574.98. Defense sector was the worst hit with a 0.8% drop. The focus is on Germany's CPI data and HICP numbers due later in the day, to gauge the effect of the war on Europe’s largest economy. The Middle East conflict has pushed oil prices higher, causing inflation fears. This is pushing Europe's STOXX600 toward its steepest drop since March 2020. The conflict is escalating and the Houthi militia, which is backed by Iran, has fired missiles towards Israel. This escalates the conflict, and fuels fears that shipping lanes will be disrupted further. Brent Crude soared to $115 per barrel Monday. It is still too early to talk about dates for interest rate hikes. According to Francois Villeroy de Galhau, the French central bank head, it is important to stop any energy-driven inflation spreading. INWIT, a stock that is traded by individuals, fell 3.1% when Telecom Italia announced it had terminated a long-term "lease" contract with Italy's largest mast operator. The UK-listed shares of Rio Tinto rose nearly 5%, after the miner announced that operations had resumed at three of 'its four Pilbara Iron Ore Port Terminals' after 'Tropical Cyclone Narelle' swept across Western Australia's Pilbara Region. This helped boost London's FTSE 100 by 0.2%. Reporting by Avinash in Bengaluru, Editing by Sonia Cheema
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Consultancy says that rising Ukrainian diesel imports will prevent a shortage in April.
Analysts do not expect a fuel shortage in Ukraine next month. After Russian missile strikes virtually destroyed Ukraine's refining capability, the country became almost completely dependent on fuel imported from Europe, particularly western, central, and southern Europe. Enkorr fuel consultancy in Kyiv said that the average daily diesel deliveries over a 'four-day period from 23 March 'to 26 March 'were 21,400 metric tonnes, up from 19,400 tons during the same time last week. The consultancy stated that if the current pace is maintained, imports in March could reach 565,000 tons. This would be 9% more than the 522,000 ton estimate and a 7% increase over the same period of last year. It added that there is no risk of shortage. This was confirmed by traders. Last week, the Ukrainian energy ministry said that the diesel market had been fully supplied in March. About 70% of April's supply was also secured. Enkorr reported this month that traders estimated the wholesale diesel price increase 'because of the Middle East war' at almost 50% in less than one month. (Reporting and editing by David Goodman.)
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Gold prices rise on the back of a weaker dollar but Fed rate cuts dimming hopes limit growth
Gold prices rose on Monday, as the dollar softened. However, gains were limited by a surge in energy costs that fueled inflation fears and dimmed expectations of interest rate reductions from the U.S. Federal Reserve this year. Gold spot rose 0.8%, to $4,528.74 an ounce at 0627 GMT. It had fallen about 1% in the previous session. U.S. Gold Futures for April Delivery gained 0.7%, to $4,556.70. Dollar-denominated goods are now more affordable to holders of other currencies. Gold's price movement last week, when it broke a three-week losing run, suggested that oversold behavior was at play and a possible reversal in recent declines. This must be confirmed this week by the price. It's easy to anticipate volatility, given the rapid flow headlines," said?Nicholas Frappell. Global head of institutional market at ABC Refinery. Brent crude soared to $115 per barrel after the Yemeni Houthis launched an attack?on Israel at the weekend. This widened the war and exacerbated inflation problems. The contract has risen 60% in March so far, which is a record monthly increase. The traders see little likelihood of a rate cut in the United States this year as higher energy costs threaten to fuel broader inflation, and limit scope for monetary ease. This compares to?expectations of two rate cuts prior to the start of the conflict. Gold's appeal is boosted by inflation, but high interest rates reduce its demand. Markets are now awaiting Federal Reserve Chair Jerome Powell’s remarks at an event held by Harvard later that day, as well as John Williams, the New York Fed president. The U.S. Dollar, which has gained more than 2% in the past two months since the U.S. and Israeli war against Iran began on the 28th of February, has been a major factor. Bullion has risen about 5% this quarter. The biggest macro-picture?behind this underperformance is the massive shift in interest rate expectations... Frappell said that the USD has reacted to this. Spot silver increased 1.5% to $70.61 an ounce. Spot palladium increased 3% and platinum rose 3.4%. (Reporting and editing by Sumana Nandy, Harikrishnan Nair, and Noel John from Bengaluru)
Who is Trump's target?
Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia.
Trump has publicly criticised a number of influential individuals and entities.
The CEO of GUNVOR will step down
Torbjorn Tornqvist, CEO of global commodity trading company Gunvor, will be
step down
Sell his entire shareholding through a management buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because of its previous Russian connections.
On Monday, the firm announced that Americas director Gary Pedersen will take over the role. Pedersen was hired just last year by the company.
Last month, the U.S. Treasury sank Gunvor's
biggest ever deal
The acquisition of international assets owned by the Russian oil giant Lukoil, sanctioned by the United States.
Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S.
Hold active discussions
In recent weeks, investors have invested in U.S. oil-and-gas producing assets.
GOLDMAN SACHS
Goldman's Economic Research arm published a report in August that stated U.S. Consumers had absorbed 22 percent of tariff costs up to June. Their share could increase to 67%, if recent levies continue the same pattern.
Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social.
Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also criticized by Trump.
Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military.
"The CEO at INTEL has a great deal of CONFLICT and must resign immediately." Trump stated in a Truth Social post that there is no solution to the problem.
Tan replied to Trump by saying that he shared Trump's commitment to advance U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing.
After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker.
MICROSOFT
Trump said in September that the tech company should fire Lisa Monaco, its global affairs director who has served in previous Democratic administrations.
Trump stated on Truth Social that "She is a threat to U.S. National Security" due to the large contracts Microsoft has with the United States Government. "In my opinion, Microsoft should terminate Lisa Monaco's employment immediately."
Trump stated that Monaco's position at Microsoft would allow her to access highly sensitive information. "This kind of access cannot stand," said Trump.
Monaco, who joined Microsoft in July, worked as a security adviser in the former president Barack Obama’s administration. He also served as deputy attorney general under former president Joe Biden.
Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire.
Musk and Trump fell out, however, in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt.
Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles.
JAGUAR LAND RIDER
Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure from the CEO of the company.
Trump's remarks came at the same time that Tata Motors announced the retirement from the British automaker of Adrian Mardell who had spent over three decades with the company.
Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move sparked a backlash online and was criticized by brand loyalists.
Trump has threatened tariffs on Apple and Tim Cook for selling iPhones in the U.S. outside of the country.
After a meeting with Cook in Doha, Qatar in May, Trump said that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026.
In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else".
Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base.
AMAZON.COM
Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com.
Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act.
Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice".
BANK OF AMERICA & JPMORGAN CHASE
In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives.
In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing.
Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie and everyone, I hope you are going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking."
WALMART
Trump stated in May that Walmart, China and other retailers should "eat tariffs" to avoid burdening American consumers. This was after Doug McMillon had said the retailer couldn't absorb all tariff-related cost due to narrow retail margins.
Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media.
Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to the tariffs his administration imposed.
CRACKER BAREL
A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel.
Cracker Barrel announced in late August that it would stick with its decades old logo. Plans for a brand new one were scrapped after social media backlash from the U.S. president Donald Trump, among others.
"Congratulations Cracker Barrel on restoring your original logo. "All of your fans are very appreciative," Trump said after the company reversed its decision on Truth Social.
COMCAST
Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed.
Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week.
SMITHSONIAN INSTITUTION
In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence.
In an executive directive issued in March, Trump stated that the institution was under the influence of "divisive and race-centered ideologies" over the past few years.
HARVARD UNIVERSITY
Trump has targeted the oldest and wealthiest university in the United States, canceling federal grants worth $2.5 billion and mounting efforts to stop research funding for Harvard. This is part of an overall campaign to change U.S. Universities, which Trump claims are dominated by antisemitic, "radical-left" ideologies.
We are going to take away Harvard's tax exempt status. "It's what they deserved!" In May, Trump posted a message on his social media platform.
Trump announced on September 30, that after months of negotiation over school policies, his administration is close to an agreement with Harvard University. The deal would include a payment of $500 million by the Ivy League university.
COLUMBIA UNIVERSITY
The Trump administration announced in March that it would cancel $400 million of federal funding to Columbia University for how it handled the protests last year.
This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, antisemitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media.
These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests.
In July, the University announced that it would pay more than $200 million in settlement to the U.S. Government as part of a deal with Trump's Administration.
LAW FIRMS
Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy.
Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement.
In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump.
Covington has said that it will continue to represent Jack Smith in spite of these measures.
Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable."
THE NEW YORK TIMES PENGUIN RANDOM HOUSE
Trump has filed a $15 Billion lawsuit
defamation lawsuit
In September, he filed a lawsuit against the New York Times as well as book publisher Penguin Random House. He accuses these major media companies of unfairly treating him.
THE WALL STREET JOURNAL
Trump sued
The Wall Street Journal, its owners and employees
Rupert Murdoch was sued in July by the New York Times for $10 billion over a report that revealed that his name appeared on a 2003 greeting to Jeffrey Epstein, which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon and Dharna Bafna in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
(source: Reuters)