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Trump dismisses the midterm elections pressure and says he will outwait Iran
Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had already been uneasy about his dismissive remarks earlier regarding the "economic impact" of the war for Americans. The President initially stated that the war would last between four and six weeks. It is now approaching its fourth months. He has said that the war could be over in a matter of days, only to say later that it could last for some time. The growing discontent of voters, particularly about gasoline prices, has increased political pressures on Trump's Republican Party. It is expected that the party will struggle to maintain control of the House of Representatives, and perhaps the Senate. This disquiet was heightened by Trump's endorsement of Ken Paxton over John Cornyn, the incumbent Republican senator from Texas. Paxton, whose wife is divorcing him on biblical grounds after being indicted by the FBI for felony fraud, easily defeated Cornyn at a Tuesday party primary, despite having received the endorsement of President Obama. Democrats see the 'Senate seat, in a largely Republican state, as a competitive race in November. Trump said: "Look what happened last evening," referring to Paxton’s victory. "That was?a prelude for the midterms." Trump also mentioned his construction projects that he has been working on in Washington, D.C. Republicans have said that these projects are a distraction from other economic concerns. A? A? Reporting by Trevor Hunnictt, Gram Slattery and Ross Colvin. Editing by David Gregorio and Ross Colvin.
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CME LIVESTOCK cattle futures rise on expectations of US beef demand
Analysts said that the Chicago Mercantile Exchange futures for live cattle and feeder calves? climbed on Wednesday, as fears about high prices? affecting demand for U.S. Beef eased. Prices rose a week after falling by more than 3% and reaching their lowest levels since March. Last month, the live cattle futures contract reached a new high. Consumer demand for beef has been strong and the U.S. herd is at its lowest level in 75 years. The high price of beef, gasoline, and other goods has recently caused consumers to worry that they may reduce their spending. On Wednesday, oil prices fell by 4% after Iranian state TV reported that it had seen an unofficial draft of a framework for an agreement between Iran & the United States to end their conflict and reopen the Strait of Hormuz. Dan Norcini is an independent livestock trader. He said that if it looks like energy prices are going down, combined with the record high stock market levels, this will take away some of the worries about consumer demand for?beef falling. The August futures for live cattle rose 3.35 cents, to 242.500 cents/pound. August feeder cattle futures also soared 5.17 cents, to 354.625 cents/pound. The U.S. Department of Agriculture has reported that the value of boxed beef's choice cuts increased on Tuesday by $2.63 per hundredweight to $392.90, and select cuts by $5.30, to $390.30. The high cost of scarce cattle supplies continues to put pressure on meatpackers, even though beef prices are sky-high. According to HedgersEdge.com, on Wednesday, packers?lost about $299 for each head of cattle that they slaughtered. Pork processors earned about $4.40 per hog. CME's lean-hog futures rose 2 cents to 102.125cents per pound. On Friday, the contract reached a new low for December. Norcini stated, "Hogs seem to be trying to 'forge a bottom. The key to them continuing to push higher is the additional strength in pork cutout. According to USDA, the wholesale price of pork carcass cutouts on Tuesday increased $2.59 per cwt to $98.85.
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Gold falls to a two-month low amid inflation-fueled rate hikes
Gold prices fell to their lowest level in two months on Wednesday. This was due to expectations of a tighter monetary policy, which would help to curb inflation. The U.S.-backed conflict with Iran is not expected to end any time soon. As of 2:08 pm EDT (1808 GMT), spot gold was down by 1.3% to $4,447.71 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for delivery in June settled at $4,448.40, a?1.2% decrease. The Middle East continues to have the biggest impact. Peter Grant, senior metals analyst at Zaner Metals, said that there was a lingering optimism but that it is fading as the conflict continues. He added that inflation fears are increasing due to this ongoing conflict. Since the beginning of the U.S. - Israel war with 'Iran, the price of gold has been on the rise. Brent crude prices have risen due to the effective closure of Strait of Hormuz, causing inflation worries and raising expectations of rate increases. Iranian state TV reported Wednesday that Tehran would restore shipping in the Strait to its pre-war level within a month as part of a framework agreement with the U.S. The deal also included the withdrawal by the U.S. military from the vicinity of Iran. The gold price briefly recovered some of its losses following this report. The market is still predicting energy-driven inflation, which will lead the U.S. Federal Reserve will increase its overnight benchmark interest rate by 25 basis point by the end this year. Gold, despite being a hedge against inflation, is not yielding in high-rate environments. Neel Kazhkari, the Minneapolis Fed president, said that it is "far too early" to predict whether or not it will change its current policy rate. Investors are awaiting the release of U.S. Data on Personal Consumption Spending (PCS) can provide clues about the direction of monetary policy. Spot silver dropped 3.2% to $74.46 an ounce. Bank of America said in a Tuesday note that while a gold rally could boost silver to $100/oz again in the next few months, it is unlikely to be sustained due to an easing of fundamental demand. Platinum fell 2.1% to $1.916.90, while palladium rose 0.1% to $1.386.47.
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Trump: US still not satisfied with Iran deal
Donald Trump, the U.S. president, said on Wednesday that he is 'not yet satisfied with a deal reached with Iran.' He also added that the U.S. The United States is not 'discussing' easing sanctions against Iran. Trump told reporters that Iran is open to a deal at a White House cabinet meeting. "Iran has a very strong desire to reach a deal. They haven't reached a deal yet... but we won't be. Trump said that we?will either be that or finish the job. He said that under the potential framework agreement?with Tehran that the Strait?of?Hormuz will open immediately, but it won't be controlled by anyone. "We will watch it, but no one is going to control it." This is part of our negotiation. They want to control it. No one is going to be able to control it. Trump said that it was international waters, and Oman would behave like "everyone else" or we'd have to blow up the'ships'. The White House didn't immediately respond to an inquiry for a comment about Trump's "comment" on Oman. The embassy of Oman in Washington did not respond immediately to a comment request. Trump said that he is not comfortable with Russia or China taking Iran's highly enriched uranium stockpile.
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Minas Gerais, Brazil, is forced to re-examine the sale of Copasa utility shares
Sources told us that the state of Minas Gerais in Brazil's southeast will need to review its privatization process for water and sewage utility Copasa after bids by potential anchor investors were below the government's asking price. The source, who asked to remain anonymous because the process was private, said that "it didn't achieve the price and there will be a rebid." Copasa has confirmed that the Minas Gerais government, which is the selling shareholder, will amend its secondary share offering registered last week. The parties did not disclose the nature of the changes. Originally, the announcement of a possible anchor investor was scheduled for Wednesday. Copasa shares fell 5% early in the afternoon, leading losses on Brazil's Bovespa index. The bidders were a consortium Itausa and Singapore's sovereign fund,?GIC. Also, the investment platform Equipav specialized in concessions, submitted an offer through a vehicle named Livorno. According to the original plan Minas Gerais would retain a 5% stake and sell a 30% stake to an anchor for approximately 6 billion reais. It would also offer 15% of its Copasa shares to other investors for an additional 3 billion reais. (Reporting and editing by Paul Simao; Alberto Alerigi Jr., Luciana magalhaes)
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Carney's government shrinks after former Canadian minister Carney resigns over environmental concerns
Steven Guilbeault, former Canadian cabinet minister, announced on Wednesday that he will'step down' from his seat in the?parliament. He cited his desire to fight for?environmental?protections following his objections to the decisions of Prime Minister Mark Carney’s government. Guilbeault’s departure will reduce Liberal Party’s slim majority in the parliamentary to one seat. Guilbeault announced on X that he would resign from his position representing downtown Montreal in the summer of this year, but would continue to be a Liberal member until then. He said, "It's time to change the way I fight for climate protection and environmental protection." "I want to continue this fight for generations that will inherit our unique and precious blue planet." Carney had thanked Guilbeault earlier on Wednesday for his contribution, saying that they worked together while Carney was the United Nations Special Representative for Climate. Carney stated that it was up to him to decide his own career. "I wish him all the best, and I am sure that we will have a chance to continue working together in some shape or form on issues of interest." Quit Cabinet Over Climate Rule Rollback In November, Guilbeault resigned from Carney's Cabinet over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback certain climate regulations to encourage investment in energy production. Guilbeault was an activist for Greenpeace before he ran for office. He served as the environment minister to former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after the Liberal Party won 174 seats at three special elections held in Ontario and Quebec. Carney said that a majority would allow him to deal with the trade conflict started by U.S. President Donald Trump more effectively, and also save him from having to run for another election in years. It would also make it easier for legislation. For a simple majority, the Liberals only need 172 votes. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault?s resignation showed that some Liberal Party members are not in agreement with Carney?s economic-focused policies. She claimed that several other Liberal legislators have?suggested that they may also resign, potentially leaving?Carney in another minority government. "It's tricky to balance ?concerns from the West that deal with energy while also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
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Rosatom to play a role in the second Kazakhstan nuclear power plant as Balkhash agreement nears
Rosatom's Alexei Likhachev, the head of Rosatom, said that it could hold discussions about a possible?participation in a project to build a second?nuclear plant in Kazakhstan. Kazakhstan has approved the construction of the plant. The state-run China National Nuclear Corporation is the main contractor. We have not been officially informed about the Kazakh decision regarding the second plant in terms of location or configuration. Likhachev said that as soon as the Kazakh side gives us official information - perhaps in a few days' time - we can begin?practical talks. Likhachev said that Russia and Kazakhstan will sign an intergovernmental contract and a preliminarily contract covering the timelines and prices for the first nuclear power station in Kazakhstan, Balkhash NPP. This is scheduled to take place during Russian President Vladimir Putin's trip to Kazakhstan, which begins on Wednesday. Likhachev stated that Kazakhstan had held discussions with companies in South Korea, China, and France about possible participation. He added that Rosatom has no objections. Rosatom will be responsible for the technical design, specifications, and supply of heavy engineering equipment at the plant, he added. Likhachev stated that Rosatom plans to start active construction at the site by?2027, and expects it to be completed in the mid-2030s. (Reporting by Anastasia Lyrchikova. Maxim Rodionov wrote the article. Kirsten Donovan, Mark Potter and Kirsten Donovan edited the text.
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Royal Caribbean's president claims that the company has scrapped its Mexico water park due to environmental concerns.
The Mexican authorities rejected the project that Royal Caribbean had planned for a large waterpark on Mexico's Caribbean Coast, said?President Claudia Sheinbaum on Wednesday. The "Perfect Day" project was rejected last Tuesday after a strong backlash from the public against its environmental impact. Mahahual is a pristine part of Mexico's coastline, about 70 km (44miles) south of Belize. Royal Caribbean has not responded to the request for comment. However, it said that after the rejection of the park, they were optimistic about investing in Mexico and would discuss other proposals with stakeholders. Sheinbaum said to journalists at her daily morning news conference that the project would not be carried out in this location. Sheinbaum said that talks are being held with the company in order to determine if the project could be carried out at a different location, one without?these negative environmental impacts. Sheinbaum stated that Royal Caribbean withdrawn its proposal because SEMARNAT, Mexico's environmental watchdog, deemed the project too intrusive for the area. The project is located near a protected mangrove forest and a large coral reef. The park, which was scheduled to open in 2027 and featured beach clubs, swimming pools, bars, and more than 30 water slides, was advertised as "the biggest, baddest, most bold destination" with its many amenities. Sheinbaum stated that three permits related to the park were denied, including one involving a dock. Salvemos Mahaual is a local environmental group that said at the weekend it would continue to oppose Royal Caribbean's plans to develop in the area while promoting sustainable tourism. The cruise operator's three separate projects were cited as evidence that the company avoided a formal rejection by withdrawing. Royal Caribbean also plans to open an additional beach club on Cozumel in this year. (Reporting and editing by Raul Cortes. Aida Pelaez Fernandez, Sarah Morland)
Moody's changes outlook for Republic of Congo to "positive" on the ease of default risks
Moody's changed its outlook on the Republic of Congo from "stable" to "positive" on Wednesday. The company said that the country's increased access to the international capital markets, as well as a potential IMF program had reduced the near-term risk of default.
The 'positive outlook' reflects RoC’s potential reversal of its credit trend following defaults in the regional market between 2024 and 2025, according to a statement from?global rating agency.
The Congo finance ministry announced earlier this month that it had requested to speak with the IMF about a new financing program. A technical mission will be arriving in central Africa.
In an April assessment, the IMF said that Congo's economy and outlook remained fragile.
Moody's says that higher oil prices, and the planned increase in oil and gas production will likely boost the growth of a?African nation's fiscal revenues and its ability to service debt.
The'sovereign rating' was rated in the junk category at "Caa2" due to its high debt load, persistent arrears with official creditors and domestic arrears with?services and goods providers.?Alongside this, it has a history of poor fiscal governance. (Reporting and editing by Shilpi Mahumdar in Bengaluru)
(source: Reuters)