Latest News
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Oil prices rebound after OPEC+ maintains same production increase in July vs. June
The oil price rose by more than $1 a barrel in the early Asian trading on Monday, after OPEC+ announced that it would increase production in July in the same way as in the previous two months. This was in line with the market expectations. Brent crude futures rose $1.06 or 1.69% to $63.84 a bar by 2244 GMT, while U.S. West Texas Intermediate Crude was at $61.95 a bar, up $1.16 or 1.91%. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies have decided to increase output by 411,000 barges per day for July. This is the third consecutive month of the same amount. The group was expected to discuss an increase in production. Harry Tchilinguirian, an analyst at Onyx Capital Group, wrote on LinkedIn that if they had gone with a larger surprise amount then Monday's opening price would have been very ugly. Brent and WTI Futures, which fell more than 1% in the past week, already reflect this decision.
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Lutnick minimizes the impact of the tariff court decision on US-EU talks
In an interview conducted on Sunday, U.S. commerce secretary Howard Lutnick said that talks with the European Union were still ongoing despite the legal uncertainty surrounding U.S. tariffs. Lutnick was asked on "Fox News Sunday" about a report that quoted an unnamed EU official involved in negotiations, who claimed the uncertainty surrounding tariffs within the U.S. provided the EU with "extra leverage." Lutnick stated, "You cannot listen to stupid people making stupid comments." "All the countries who are negotiating with US understand Donald Trump's power and his ability protect American workers." In a broad ruling issued last week, a U.S. Trade Court blocked the majority of President Trump's new tariffs. The court found that he had exceeded his authority in imposing duties across-the board on imports coming from U.S. Trading Partners. The U.S. Federal appeals court suspended that ruling the next day, allowing tariffs to be implemented while the Trump administration appealed. Lutnick stated that the ruling may have cost a "week, but everyone came back to the table." Trump and his advisors said that on Friday, many countries have been in contact since the court decision and that talks are moving forward. In late May, the Republican president threatened to impose 50% tariffs on all European products by June 1. However, a few days later he delayed this date to July 9, to give more time for negotiations. Trump said also on Friday that he will increase tariffs for imported steel and aluminium to 50%, from 25%. The European Commission responded on Saturday by saying it may consider countermeasures. Kevin Hassett, White House economist and economic adviser to the President, said on ABC News "This Week" that U.S. national security was at risk due to China's steel production. Hassett stated, "We must show strength." We need a steel industry ready to support American defense. (Reporting from Ted Hesson, Washington; Additional reporting done by Doina chiacu; Editing performed by Caitlin Berkrot and Bill Berkrot.
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Lutnick minimizes the impact of the tariff court decision on US-EU talks
In an interview with Fox News Sunday on Sunday, U.S. commerce secretary Howard Lutnick said that talks with the European Union were still ongoing despite the legal uncertainty surrounding U.S. tariffs. Lutnick was questioned about a report that quoted an unnamed EU official involved in negotiations, who claimed the uncertainty surrounding tariffs on the U.S. market gave the E.U. "extra leverage." Lutnick stated, "You cannot listen to stupid people making silly remarks." "All the countries who are negotiating with US understand Donald Trump's power and his ability protect American workers." In a broad ruling issued last week, a U.S. Trade Court blocked the majority of President Donald Trump’s tariffs. The court found that Trump had overstepped his powers by imposing duties across-the board on imports coming from U.S. Trading Partners. The U.S. Federal appeals court suspended that ruling the next day, allowing tariffs to be implemented while the Trump administration appealed. Lutnick stated that the ruling may have cost a "week, but everyone came back to the table right away." Trump threatened in late May to impose 50% tariffs on European goods by 1 June, but a few days later he delayed this date to 9 July to give time for negotiations. Trump said also on Friday that he will increase tariffs for imported steel and aluminium to 50%, from 25%. The European Commission responded on Saturday by saying it may consider countermeasures. Kevin Hassett, White House economist and advisor to ABC News' "This Week," said that the U.S. must protect its steel industry from national security concerns in view of China's steel manufacturing. Hassett stated, "We must show strength." We need a steel industry ready to support American defense. (Reporting from Ted Hesson, Washington; Additional reporting provided by Doina Ciacu; Editing done by CaitlinWebber in Washington).
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Treasury's Bessent: Trump and Xi are likely to discuss the minerals dispute soon
U.S. Treasury Sec. Bessent believes that President Donald Trump will be speaking with Chinese President Xi Jinping soon about trade issues, including a dispute regarding critical minerals. Donald Trump accused China on Friday of violating a bilateral agreement to reduce tariffs and trade barriers for vital minerals. "What China does is that they hold back products which are essential to the industrial supply chain of India and Europe." Bessent told CBS' "Face the Nation" on Sunday that this is not the behavior of a reliable partner. "I'm confident that President Trump and Party Chairperson Xi will have a conversation, which will resolve this issue. The fact that some products are being withheld that were agreed to be released during our agreement could be a glitch or intentional. We'll know more after the President talks to the party chairman." Trump said that he was certain he would talk to Xi on Friday. China stated in April that Xi and Trump had not spoken recently. Bessent responded, "I think we'll be seeing something very soon." (Reporting and editing by Doina chiacu)
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In France, two people were killed and 500 arrested during the celebrations of PSG's win
The interior ministry reported that more than 500 people had been arrested during the Champions League celebrations. Two people died and 192 were injured, it said, as Sunday's festivities were to continue. Paris St Germain's first-ever Champions League victory was celebrated in the French capital, and even beyond. On Sunday morning, the interior ministry estimated that 559 arrests had taken place, with 491 of those in Paris. This led to 320 individuals being held in police custody. Of these, 254 were in Paris. A young man in his 20s died after colliding with a car, said police chief Laurent Nunez. In the southwest city of Dax a 17-year old died due to stab wounds. "A judicial inquiry will determine if it (the death in Paris) is related to the festivities. Nunez stated that at this point, the incident appears to be related to the celebrations. The Champs Elysees, a boutique-lined avenue, was shattered by bus shelters and projectiles were hurled towards riot police who used tear gas and water cannons to disperse the crowds. On Sunday, the interior ministry reported that hundreds of fires had occurred. More than 200 vehicles were also destroyed. Around 22 security personnel and 7 firefighters were injured. Nunez warned more skirmishes may occur on Sunday, as PSG parades on the Champs-Elysees and celebrates the title at the Parc des Princes Stadium with its fans. Nunez stated that "we're at the half-time mark, in a sense, because this afternoon, we have a parade on the Champs-Elysees." Only those who are attending the parade can enter. The maximum number of attendees has been set at just over 100,000. Anyone beyond this limit will not be permitted to enter. This evening there will also be a party at the Parc des Princes. We expect a gathering around the Place de la Porte de Saint Cloud. We will also respond in a measured, but firm manner if there are any attempts to block or attack law enforcement officers, or cause additional damage. Nunez said that Paris had deployed 5400 officers to prepare for celebrations after a PSG victory. (Reporting and editing by Juliette Jabkhiro, Julien Pretot and David Holmes).
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In France, two people were killed and 500 arrested during the celebrations of PSG's win
The interior ministry reported on Sunday that more than 500 people had been arrested during the Champions League celebrations. Two people died and 192 were injured. Paris St Germain's first Champions League victory was celebrated in France and elsewhere on Saturday evening. However, skirmishes between police officers threatened to ruin the celebrations. As of Sunday morning, the interior ministry estimated that 559 arrests had taken place, with 491 of those in Paris. This led to 320 individuals being held in police custody. Of these, 254 were in Paris. The Champs-Elysees was a scene of violence as riot police fired tear gas, water cannons and other projectiles at the crowds. On Sunday, the interior ministry reported that hundreds of fires had occurred. More than 200 vehicles were also destroyed. Seven firefighters and 22 members of security forces were injured. (Reporting and editing by Kirby Donovan; Juliette Jabkhiro)
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The death toll from the Indonesia quarry collapse is now 17.
The search and rescue agency Basarnas announced that Indonesian authorities would continue their search on Sunday for the eight people who are trapped in the rock collapse of a West Java quarry, where 17 have died, with six others injured. In a late-night statement, the agency stated that the toll reported by victims' families is only provisional. West Java Governor Dedi Mullyadi wrote on Instagram that the site of the Friday's collapse is dangerous, and "doesn't meet safety standards for employees". In a press release, the Energy and Mineral Resources Ministry stated that it would investigate the cause and assess the potential for further landslides. Muhammad Wafid said that Cirebon Regency was prone to soil movements, particularly when rainfall is above average. The area where the collapse occurred also has a steep slope. Wafid stated that the steep slope and undercutting technique used in the open mine area may have also played a part in the collapse. Wafid stated that "rescuers" should pay attention to weather conditions and steep slopes and avoid carrying out any activities in the area during or after heavy rain because the area is still prone to further landslides, which could hit and bury officers. (Reporting and editing by William Mallard in Jakarta, Bernadette Cristina in Jakarta)
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Saudi Arabia and Qatar will provide financial support for Syria's government employees, Saudi Foreign Minister says
Saudi Arabian Foreign Minister Prince Faisal Bin Farhan Al Saud announced on Saturday that Saudi Arabia and Qatar will offer financial support jointly to Syrian state employees. Bin Farhan, speaking at a press briefing in Damascus with Asaad Al-Shibani, his Syrian counterpart, said that the kingdom and Qatar would provide joint financial support for state employees in Syria. He did not give details about the amount of financial support that Riyadh or Doha will provide. It echoes the sentiments of a Similar Move In a joint statement released by Saudi Arabia on Saturday, the two countries said that they would provide financial support over a period of three months. The move was a result of an earlier contribution Saudi Arabia and Qatar settled Syria's outstanding arrears to the World Bank of approximately $15 million in April. The Saudi Foreign Minister's visit follows a U.S. surprise announcement made on Lifting sanctions On Syria's islamist-led government that overthrew former president Bashar al Assad in December. U.S. president Donald Trump The decision was made during his recent Middle East visit. It was said to be at the request of Saudi Arabia's Crown Prince, whose nation was the main advocate of lifting sanctions. Recent economic sanctions against Syria were also lifted by the European Union. Bin Farhan spoke of his country's contribution to the lifting of economic sanctions against Syria and said that Saudi Arabia will continue to be a major supporter of Syria in its efforts to rebuild and recover economically. He claimed that a high-level delegation of the Kingdom's economic sector was accompanying him to "hold discussions (with the Syrians) to strengthen aspects of cooperation in different fields". He said that Saudi businessmen would visit Syria in the next few days to discuss investment in energy, agriculture and infrastructure, among other sectors. After the fall of Assad, the Syrian leadership wants to improve ties with Arabs and Western leaders. The state hopes that a flood of aid and investment from Gulf neighbors after the lifting of sanctions will help rebuild a country ravaged by conflict. The Syrian President's Office reported that Sharaa, the Syrian Minister of Foreign Affairs, is scheduled to visit Kuwait this Sunday, upon an invitation from Kuwait's Emir, Sheikh Meshal Al-Ahmad Al-Sabah. The source stated that Sharaa will discuss various aspects of economic and political cooperation during his first official trip to Kuwait. Menna Alaa and Muhammad Al Gebaly, Menna Alaa and Jaidaa THA (Reporting and Writing)
EU Commission regrets'strongly,' the announcement of an increase in US Steel Tariffs
The European Commission announced on Saturday it regrets "strongly" the increase in U.S. steel tariffs that was announced and that they are prepared to take countermeasures.
Donald Trump, the U.S. president, said on Friday that he would increase import tariffs for steel and aluminum from 25% to 50%. This will put more pressure on steel producers around the world and intensify his trade war.
In an email, a spokesperson for the European Commission said: "We regret the announcement of the increase in U.S. steel tariffs from 25% up to 50%."
The spokesperson stated that the decision "adds further uncertainty to global economies and increases costs for businesses and consumers on both sides" of the Atlantic. "The tariff increase also undermines the ongoing efforts to find a negotiated resolution."
The spokesperson stated that the European Union has paused their countermeasures in order to allow for further negotiations.
The spokesperson stated that "the EU is ready to take countermeasures in response to the recent tariff increases by the United States".
The European Commission is in the process of finalising consultations regarding expanded countermeasures. "If no solution can be reached that is mutually acceptable, existing EU measures and any additional EU actions will take effect automatically on 14 July - or earlier if the circumstances demand," they said. Reporting by Lili Bayer, Editing by Kirsten Doovan
(source: Reuters)