Latest News
-
US court reschedules final sale hearing of Citgo parent
According to a filing, a U.S. Federal Court approved on Thursday the rescheduling a long-anticipated sale hearing that was originally scheduled for next week. The hearing would have determined the winner of the auction of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum. After a court officer who was overseeing the auction recommended that a unit from miner Gold Reserve submit a different bid, two uninvited bids submitted recently by affiliates of hedge-fund Elliott Investment Management and commodities company Vitol were approved. Delaware Judge Leonard Stark stated in his order that a new date will be set for the final hearing once the court has received input from Officer Robert Pincus and parties involved in the process, as well as creditors. The court will hold a hearing in person on Monday for the parties to be heard. Pincus, backed by several creditors and buyers, had requested an adjournment to the final hearing on Wednesday. Gold Reserve, who wants the judge to confirm its subsidiary's winning bid as the auction winner, has told the court that it is opposed to any change in the calendar. Citgo's bids for the contract have sparked a heated competition at the last moment, but they have also exacerbated disagreements among the parties and complicated the case. The postponement will likely add to the eight-year-old court case that was first brought by the miner Crystallex, against Venezuela. This has allowed more than a dozen other creditors to seek compensation from Venezuela for debt defaults or expropriations.
-
Oil prices increase as Fed rates are cut and Trump-Putin negotiations loom.
Oil prices rose by about 1% Thursday, after U.S. president Donald Trump warned that "severe consequences would follow" if the talks he had with Russian President Vladimir Putin over Ukraine failed. Also, there were expectations of a U.S. rate cut coming up next month to spur oil demand. Interest rates are used by central banks like the U.S. Federal Reserve to control inflation. Lower interest rates can reduce borrowing costs for consumers and boost economic growth. Brent crude futures rose 87 cents or 1.3% to $66.50 a barrel at 10:53 a.m. (1453 GMT), whereas U.S. West Texas Intermediate crude (WTI) crude climbed 88 cents or 1.4% to $63.53. These price gains lifted both crude benchmarks from the technically oversold zone for the first three days. Brent closed Tuesday at its lowest price since the 5th of June, and WTI at its lowest price since the 2nd of June due to the bearish data on supply and inventory from the U.S. Energy Information Administration as well as the International Energy Agency. On Thursday, the U.S. praised the "sincere attempts" of the U.S. in ending the war in Ukraine. They also floated the possibility of an agreement. nuclear arms deal Before a Friday summit in Alaska, Trump will be meeting with his allies. Allies of the United States in Europe have encouraged Trump to be firm. Russia was the world's second largest crude oil producer in 2024, behind the United States. Any agreement that eases sanctions against Moscow will likely increase the amount of Russian Oil available to export on global markets. Trump warned on Wednesday of "severe consequences," if Putin did not agree to peace with Ukraine. The U.S. President did not specify the possible consequences, but warned of economic sanctions in the event that the Friday meeting is fruitless. Trump has threatened secondary tariffs against buyers of Russian crude oil, principally China and India, in the event that Russia continues to wage war in Ukraine. Rystad Energy stated in a note to clients that "the uncertainty of U.S. - Russia peace talks continues adding a bullish premium on risk, given Russian oil purchasers could face greater economic pressure." Nevertheless, some analysts remained skeptical that Trump would take any action that would disrupt oil supply. FED RATE CUT Oil prices were also boosted by expectations that the Fed would cut interest rates this September. The majority of traders believe that a rate cut will occur next month, after U.S. Consumer Prices increased moderately in July. U.S. Treasury Secretary Scott Bessent said he thought an aggressive half-percentage-point cut was possible given recent weak employment numbers. But a jump in U.S. wholesale prices last month looks to have all but erased the possibility that the Fed will deliver a jumbo-sized half-percentage-point interest rate cut in September, though expectations for a quarter-percentage-point move next month, followed by another in October, remain intact. The Wall Street Journal reported that San Francisco Fed president Mary Daly has rejected the idea of a rate cut of 50 basis points at the central bank meeting on September 16-17. A survey by the Statistics Office of major industry players revealed that in Europe, oil and gas investment is expected to peak in Europe this year and then start decreasing next year. Norway produces around 2% of the world's oil. After the Russian invasion of Ukraine, in February 2022, Norway became Europe's biggest supplier of pipeline natural gas. Reporting by Scott DiSavino, Robert Harvey, Katya Glubkova, and Siyi LIU in Singapore. Editing by Jan Harvey, Paul Simao.
-
After fire, Phillips 66 Bayway refinery gasoline unit offers reduced prices
Two people with knowledge of the situation said that Phillips 66 reduced the gasoline production at its 258,000 barrels per day Bayway refinery, located in Linden, New Jersey, after a fire broke out near the gasoline-producing unit. The sources claim that an ancillary unit of the refinery’s Fluid Catalytic cracking unit caught on fire, causing the production to be halted. The cause of fire was not immediately known. One source said that the refinery will resolve the problem in the next few days and resume full production. Phillips 66 didn't immediately respond to a comment request. Bayway is one of America's largest fuel suppliers, producing around 155,000 barrels of gasoline per day. Last month, rainstorms led to a power failure at the refinery. This caused a spike in the price of refined products in the New York Harbor. Phillips 66 compensated for this by purchasing fuel on the open markets. (Reporting from Shariq Khan, Houston; additional reporting by Nicole Jao, New York).
-
Trump believes Putin is willing to strike a deal
Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in the morning Putin said The United States is making "sincere attempts" to end this war in Ukraine. It was suggested that Moscow could and Washington might agree to a nuclear weapons deal as part a larger push to strengthen the peace. Trump said in the Fox interview that, for a possible second meeting with Putin and Ukraine President Volodymyr Zelenskiy he had three places in mind. However, he cautioned that it was not guaranteed. Trump said that he would call Zelensky if the meeting went well. Reporting by Nandita BOSE and Steve Holland, Washington; editing by Alexandra Hudson and Chizu NOMIYA
-
Trump namess Rosner as Chair of Energy Regulator
The Federal Energy Regulatory Commission announced on Wednesday that President Donald Trump has named David Rosner chairman. He had served as a member of the commission since mid-2024. Rosner's appointment as a Democrat is likely to be temporary. In June, Trump nominated two of his Republican colleagues to the commission. They are awaiting confirmation by the Senate. FERC regulates power grids, liquefied gas projects, and the interstate transportation for oil and gas. It has a maximum five-member board. Mark Christie, the Republican member, left last Thursday. After the Senate confirms Laura Swett, the president will name her as chair. Trump nominated David LeCerte to be a Commissioner. If both are confirmed by the Senate (which is controlled by Republicans), FERC will have a 3-2 Republican minority. Rosner said that he felt honored to have been named. He has worked for the government and in the energy sector for over 20 years. Trump said that he wanted to build pipelines from Pennsylvania's huge gas fields to the Northeast. States have opposed the projects. (Reporting and editing by Timothy Gardner, Cynthia Osterman).
-
Three people killed in wildfires across southern Europe; thousands forced to evacuate
On Thursday, hundreds of firefighters battled against wildfires in southern Europe. Some of the fires are believed to be deliberately set by arsonists. They were also stoked due to an extended heatwave that gripped the region. The European Union has sent reinforcements to Greece and Spain in order to combat fires that have caused the deaths of three firefighters and destroyed homes, buildings, and large areas of farmland and forest. This forced thousands of people from their homes. In the Mediterranean, hot and dry summers are common. Scientists say that wildfires, fanned and accelerated by heat and wind, are becoming more destructive and difficult to control. Firefighters from Portugal, Spain, Albania, and Greece all struggled to contain the towering walls that threatened life and property. According to the European Forest Fire Information System, the Iberian Peninsula alone accounted for about half the EU's total burned area this year of around 500,000 hectares (1 931 square miles). More than 200 firefighters in Greece were assisted by 11 aircraft to put out a fire near the western Peloponnese port city of Patras. Temperatures that were high fueled tinderbox conditions. Giannis Kefalogiannis, Minister of Civil Protection and Climate change in Greece said that a single spark can cause a fire to quickly spiral out-of-control. A senior police official, speaking on condition of anonymity, said that three people were arrested for allegedly deliberately starting wildfires in the area of Patras. They are expected to appear Thursday before a prosecutor. This year, Greece made available to the public a record-breaking number of firefighters. RAGING INFERNO Three people in Spain, including volunteer firemen, were killed in wildfires in the midst of a heatwave that lasted for 11 days, with temperatures reaching 44 degrees Celsius in some places. Local media reported that Jaime Aparicio was the 37-year old victim who had suffered burns on 85% of his entire body. He and another volunteer firefighter were trapped while they tried to create firebreaks using brush cutters. On Thursday, eleven large fires threatened developed areas. This forced authorities to evacuate more than 9,000 residents and cut off the roads and rail service. Nearly 1,000 firefighters in Portugal battled a fire near the picturesque mountain village of Piodao. Crews were able to control a wildfire that had been burning in the mountains of Vila Real for 11 days, the longest fire this season. Soldiers, firefighters and volunteers in Albania, backed by helicopters and a Canadair firejet, fought to control separate fronts between Delvina & Gjirokastra, after days of raging blazes damaged dozens homes and burned agricultural land. Edi Rama, the Prime Minister of Egypt, said that 137 arsonists had been identified and arrested since June. Clirim Conku is a 61 year old farmer from southern Albania who lost his vineyards, his olive groves, and all of his livestock to a wildfire. He was only relieved that he and his dog had survived. "I used everything to put out the fires. This napkin saved my life by fighting the smoke. "I put some water on the napkin, but it was more wet with sweat," said he. Some were angry that their lifetime's work had been wiped out in a matter of minutes. Dimitris daskas, Dimitris's restaurant owner, who owned a business near Patras and broke his arm trying to save it, was without power or water as the fires approached. He said: "My wife called (emergency service) to tell them we were on fire, but they didn't pick up." Reporting by Louiza Viradi in Patras; David Latona, in Madrid; Andrey Khalip, in Lisbon; Fatos Bityci, in Tirana. Additional reporting by Daria Sucic, in Sarajevo. Writing by Angeliki Kooutantou. Editing by Bernadette B. Baum.
-
Gold falls as US data boosts the dollar and yields.
Gold prices fell on Thursday, as the dollar and Treasury yields rose due to hotter than expected U.S. inflation figures and a decline in unemployment claims. This reduced the chances of a large September rate cut. As of 9:15 am, spot gold was down 0.1% at $3,352.65 an ounce. ET (1315 GMT). U.S. Gold Futures for December Delivery were down 0.2% at $3,400.60. The dollar index rose 0.2%, bringing it up from its two-week-low, and making gold less appealing to non-U.S. investors. Meanwhile, the benchmark 10-year yields increased from their one-week-low. A stronger U.S. wholesale data has tempered bets for a more significant, half-point reduction next month. The traders are now leaning towards a quarter point move in October and another one next month, which confirms comments made by Fed's Mary Daly. The Labor Department announced that the Producer Price Index rose 3.3% on an annual basis in July, exceeding expectations of 2.5%. The number of weekly jobless claims was also lower than expected. 224,000 against 228,000 predicted. Ole Hansen, head of Saxo Bank’s commodity strategy, said: "Gold is trading lower due to the stronger than anticipated U.S. PCE inflation print. This may reduce rate cut expectations as it feeds into a higher Core PCE print for July, which will likely keep the Federal Reserve cautious about rate cuts." The Fed will eventually have to decide between fighting inflation and supporting the economy. Low interest rates tend to make gold a popular investment in times of economic and geopolitical stress. Investors kept a close eye on geopolitical risk. U.S. president Donald Trump warned that "severe consequences would follow" if Russian president Vladimir Putin rejected a peace proposal for Ukraine at their upcoming meeting, hinting at an upcoming meeting with Ukraine's head of state. The price of palladium increased 1.7%, to $1140.81, while platinum rose 1%, to $1352.60. Sherin Elizabeth Varighese, Bengaluru. Editing by Leroy Leo.
-
India's Vodafone Idea posts smaller-than-expected loss, names new CEO
India's Vodafone Idea on Thursday named insider Abhijith Kishore as CEO and reported a smaller-than-expected first-quarter loss as the telecom operator continued to benefit from the previous year's price hikes. Kishore, who is currently the chief operating officer of the company, will succeed Akshaya when her term ends on 18 August, according to a filing with an exchange. The debt-ridden telecom operator's loss after tax increased to 66.08 trillion rupees (roughly $754.49 million) for the quarter ending June 30 from a loss 64.32 trillion rupees one year earlier. According to LSEG data, analysts expected an average loss of 70 billion rupees. Vodafone Idea's ARPU (average revenue per user) has risen 15% in the last year to 177 Rupees. The number was still well below Bharti's 250 rupees, and Reliance Industries' Jio's 200.8 rupees. In July 2024, the three companies raised their mobile plan prices for the first in over two years as they shifted from fierce market competition to monetisation. Airtel and Jio both posted positive quarterly results due to the hikes. Vodafone Idea is 49% owned and controlled by the Indian Government. It was formed by a 2018 merger of the Indian arm (Indian Vodafone Group) with Aditya Birla Group’s Idea Cellular. Since then, it has lost money every quarter as the company continues losing market share to bigger rivals Airtel and Jio. It is also burdened by debts of more than 22 billion dollars and struggles to expand its 4G and 5G network at the same pace as its competitors. As of the end of June, Airtel and Jio had a combined user base of 197.7 millions. Analysts had predicted 111.39 billion rupies, but the actual revenue was 110.23 billion rupies.
Indian miner NMDC's profit quarterly falls due to lower prices
The Indian state-owned mining company NMDC reported a decline in its fourth-quarter profits on Tuesday, due to lower product prices.
Iron ore mining company's quarterly profits before tax and exceptional items came to 23.51 billion rupees (275.56 millions dollars), a 3.5% drop from the previous year.
The company's profit, including taxes, increased by 2% in the quarter January-March due to lower expenses for tax.
NMDC's average iron ore price was 4,206 rupees. This is lower than the 4,299 rupees average a year ago, according to JM Financial Institutional Securities.
According to commodities consultancy BigMint, the company announced a reduction in price back in January.
JSW Steel, who primarily purchases iron ore through NMDC said earlier this month that a continued drop in iron-ore prices was expected in the first three months of the current fiscal year.
NMDC’s fourth-quarter operating revenue rose 7%, to 69.53 Billion Rupees. This was mainly because of higher sales at its pellets division, which saw a near 13-fold rise in revenue.
The company's iron ore revenue fell by nearly 2% in the third quarter. ($1 = 85,3180 Indian rupees). (Reporting and editing by Shreya Biwas in Bengaluru)
(source: Reuters)